Annual Report ASN Bank 2006

ASN BANk ANNuAl report for 2006
T he Economic, Environmental and Social Performance of ASN Bank
Contents
Foreword Accounting for this report Report of the Supervisory Board Report of the Management Board 1 ASN Bank for the world of tomorrow Savings at ASN Bank Investments at ASN Bank ASN Bank and credit facilities Organisational structure Key figures 2 overnance, commitments and G involvement ASN Bank researches sustainability ASN Foundation Stakeholders How we communicate with our customers 3 anagement and performance M indicators Economic performance ASN Bank and the environment Social performance Employment Industrial relations Health and safety ASN Bank and human rights Sustainable investments ASN Bank is involved in society Product responsibility 20 20 21 25 25 26 26 28 31 33 34 13 13 14 17 18 1 2 4 5 8 9 9 9 11 12 Appendices Appendix I Special Investment Criteria Appendix II Breakdown of investments Appendix III GRI Guidelines (G3) Appendix IV KlimaatNeutraal Certificate Particulars 45 45 50 56 60 61 4 Financial Accounts for 2006 Notes to the accounts for 2006 Notes to the balance sheet Notes to the profit and loss account 37 37 39 39 42
ASN Bank - Annual Report for 2006
Foreword
ASN Bank believes that profit may never be achieved at the expense of human rights, social justice or our climate. For 47 years now ASN Bank has devoted itself to promoting social sustainability not only by supporting worthy causes or demonstrating our involvement in community issues but first and foremost by utilising our products and services for this purpose. You have before you ASN Banks comprehensive sustainability report, by means of which we are providing you with information about our policy, strategy and achievements in relation to finance, the environment and social performance, and in which we give account for the progress that we have made. The fact that ASN Bank not only allows itself to be guided by the best possible financial returns but also prefers to invest in tomorrows world, is welcomed by an ever widening circle of people. In the past year we have again managed to secure the loyalty of a large group of new customers. This success is reflected in a sharp increase in the assets we manage, which enables us to support sustainable projects and organisations that satisfy our sustainability criteria, and to continue to do so. This solid growth also enables us to enter into more joint ventures with community organisations, through which we seek to continue to demonstrate our involvement in social developments involving sustainability. Our services are greatly appreciated by our customers and our staff has again shown the utmost dedication in the past year, not only to ensure that the level of our services remains high but also to extend and optimise them. It is with a great deal of confidence that we look towards a bright future in which we expect to maintain growth and, as such, to have more funds available for the world of tomorrow. ASN Bank Management Board E.P. Goudswaard (General Manager) J.E. Jansen (Director)
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Accounting for this report (G3: 1.1)

The ASN Bank wishes to be a business which promotes the sustainability of our society. This is expressed in the banks mission, policy and its execution. This report is designed to account for this. For this reason it is of a comprehensive nature, that is to say, it reports on our financial performance and on social and environmental performance. All of the legal requirements governing financial reporting apply to the financial part of the report. The remainder of this report has been produced in accordance with the G3 guidelines of the Global Reporting Initiative (GRI). The GRI sets out the requirements which a sustainability report needs to comply with and formulates criteria for this purpose. It is through this sustainability report that we are accounting for our actions in the 2006 financial year (G3: 3.1) and for those of our operations pertaining to our office, the direct suppliers to the latter, and our investments (G3: 3.6). Sustainability reports are published annually (G3: 3.3) and each covers a period equivalent to the preceding calendar year. Our previous report dealt with the 2005 financial year and was published in June 2006 (G3: 3.2). G3 guidelines The contents of this report are based on the G3 guidelines issued by the Global Reporting Initiative (GRI G3: 3.5 and 3.8). ASN Bank has considered materiality and the information required by its stakeholders for the purposes of determining its contents. This report has the self declared Level A Application Level (G3: 3.13). The contents are not presented in precisely the same order as that maintained by the GRI.
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You will find a comprehensive G3 index (G3: 3.12) in Appendix III. Strategy and key impacts A description of key impacts, risks and opportunities constitutes an essential part of this report. With the aid of information about our strategy and so-called key impacts we intend to provide an overview of the relationship we have with sustainable development as an organisation. Direct and indirect achievements Both our financial performance and achievements in relation to social performance and the environment are dealt with in a comprehensive sustainability report. A bank is responsible for two types of achievements: direct ones such as those relating to its office structure and indirect ones which refer to the impact of our investment policy, for example. A banks indirect achievements are more important by far, especially those pertaining to the environment and human rights. Unfortunately, indirect achievements are still difficult to gauge. Although it is possible to describe efforts in terms of process, it is still difficult to do this in quantitative terms. In 2007 ASN Bank intends to investigate whether it will be possible to do this in relation to specific subjects in the future (G3: 3.7). Protocols
The following protocols (G3: 3.9) are specially used to calculate the overall carbon dioxide emissions of the direct impacts in the case of office organisations: - CO2 transport emissions CO2 emissions from business travel and CO2 emissions from employee commuting (WBCSD); - CO2 heating emissions CO2 emissions from fuel use in facilities (WBCSD); - CO2 electricity emissions indirect CO2 emissions from purchased electricity (WBCSD). Changes
Changes have occurred since the previous sustainability report (G3: 3.11). These changes are explained below (G3: 3.10). GRI guidelines: G3 The introduction of the G3 guidelines represents an important change since the 2005 report, which was based on the GRIs 2002 guidelines. The financial services sector supplements have also been used. This refers especially to the financial services sector supplement on environmental performance. ASN Bank has also used this as the basis for its reporting on its social performance, because it is more appropriate to our approach as GRIs financial services sector supplement on social performance, which is currently being revised.

Objectives In 2006 it was decided to define objectives for all of these key performance indicators as well. 2006 serves as the reference year for this purpose. Auditors report Because ASN Bank is part of SNS Bank NV, its financial information is included in the latters consolidated annual accounts. KPMG Accountants has issued an auditors report for these annual accounts. If you have any questions in relation to this report, you may contact our Customer Service Department on 0800 0380 free of charge between 8:30 am and 5 pm on Mondays to Fridays. It is also possible to e-mail us at informatie@asnbank.nl. Alternatively, you may write to ASN Bank, Antwoordnummer 1188, 2501 The Hague, The Netherlands. A postage stamp is not required in the Netherlands (G3: 3.4).
Report of the Supervisory Board

To the general meeting of shareholders of Algemene Spaarbank voor Nederland, ASN Bank N.V. Provisional recommendation of the Supervisory Board We are presenting you with the companys annual accounts for 2006, which have been prepared by the Management Board, along with the latters report. We recommend that you approve these annual accounts, which entails that: 1. 2. the total profit of EUR 6,775,788.93 achieved in 2006 be added to shareholders equity; the members of the Management Board be discharged from liability in relation to the performance of their managerial duties and those of the Supervisory Board with regard to their exercise of supervision in the past financial year. The Supervisory Board met five times during 2006. When doing so it discussed, amongst other things, the banks policy, the annual accounts and report, and budget, developments affecting the assets entrusted to us, our investment institutions, and our policy on investments and marketing. The Boards membership was as follows during the 2006 financial year:

M.W.J. Hinssen, Chair; C.H. van den Bos RA, Deputy Chair; B.A.G. Jansssen, Deputy Chair; M. Menkveld; H.K. Kroeze RA. The Board would also like to express its deep appreciation and thanks for the manner in which the Management Board and the banks staff performed their duties in 2006.
The Hague, 21 August 2007 On behalf of the Supervisory Board M. Hinssen, Chair
Report of the Management Board (G3: 1.2)

ASN Bank set ambitious growth targets for 2006. A combination of good service, and the devotion of close attention to communication and sound products yielding a high interest rate were responsible for a pronounced growth of our clientele and the assets we manage. The introduction of an ASN Optimaalrekening was responsible for a sharp increase in our exposure. In addition, the ASN Ideaalsparen, which was introduced in 200, boosted our clientele: a large proportion of our new customers still join us based on ASN Ideaalsparen. Partly as a result of this our customer base expanded by more than ,000 customers (21%) and overall assets under management rose by EUR 8 million (28%).
The success we have achieved this year can also to a large extent be attributed to the consolidation of our position as a sustainable, honest and transparent bank, sound product development and the use of new distribution channels. In view of the fact that ASN Bank is part of SNS Bank NV, its financial information is included in the latters consolidated annual accounts. KPMG Accountants has issued an auditors report for these annual accounts. The introduction of new reporting rules (International Financial Reporting Standards) has meant that the annual accounts have had to be extended substantially. This would have resulted in a considerable increase in expenditure and has constituted grounds for us to decline a separate auditors report for ASN Banks annual accounts, sufficing instead with the one issued for SNS Banks financial statements. Investment portfolio ASN Banks investment portfolio amounted to EUR 2.7 billion at the end of 2006. Its savings under management rose by EUR 661 million in 2006. These funds have been invested in accordance with the relevant guidelines. In the past year an effort has been made to limit the increase in government securities as far as possible in favour of more sustainable investments. A more active position was taken in the private placement market for this purpose. For instance, a total in excess of EUR 200 mil* Savings under management consist of savings and other amounts payable to customers in the form of savings of legal entities (associations and foundations). Financial results in brief ASN Bank ended 2006 with a profit of EUR 6.8 million, an increase of EUR 1.4 million (25.6%) in relation to 2005. Income rose substantially in 2006 compared with 2005, representing an increase of 13.7%. There was a further rise in the banks interest result thanks to positive developments on the interest front. A marked increase also occurred in investment fund management. Proactive cost management has ensured that the increase in expenditure was confined to 8.8%. Savings under management In 2006 savings under management* leapt by a sum of EUR 661 million to more than EUR 2,665 million. This presents an increase of 33%, an absolute record for ASN Bank. Investment funds Our investment funds exhibited substantial growth again in 2006. The capital invested in the ASN funds climbed by EUR 182 million to EUR 1,167 million, a rise of almost 18%. This increase in the funds assets was largely due to the influx of new funds. The ASN Milieu & Waterfonds was responsible for the largest influx. The investment funds offering tax relief, the ASN Groenprojectenfonds and ASN-Novib Fund, also contributed to the influx of new funds. Listed prices recovered in the second half of the year following a steep decline in May, which virtually negated all the gains that had been made until then in 2006.

Kindred spirits
Princess Mxima speaks about the Microcredit Year: Pleased with results after a hard years work. The first issue of 2006 of customer magazine Spaarmotief contained a special interview: Her Royal Highness, Princess Mxima, spoke about her role as an adviser to the United Nations in 200, the international Microcredit Year. The princess made a major contribution towards the promotion of microfunding. She played an important role in efforts to provide more credit opportunities for the poor, thereby enabling them to advance themselves. Mxima speaks candidly about how she looks back on her special task. What did you achieve as an adviser? I was one of 20 advisers who worked towards the achievement of a number of goals, amongst other things, raising awareness about microfinance as a tool for combating poverty, realising that this was not a form of charity but a system which needs to be
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lion was provided to hospitals, water management boards, housing corporations and municipalities. Other achievements During an Ethical Investment Day ASN Bank announced that it would be reviewing its human rights criteria. The reason for this took the form of a document entitled UN Human Rights Norms for Business published by the United Nations (UN). Consultations were held with numerous organisations, such as Amnesty International, in 2006. Eduard Nazarski, the director of the Dutch section of Amnesty International, is pleased with this initiative taken by ASN Bank: As such, the bank is showing that it can play a pioneering role. Our organisation considers this to be a major step forward. In 2006 the Netherlands Greenpeace division chose ASN Vermogensbeheer as its new asset manager. The principles of sustainability and the investment criteria espoused by ASN Bank complement those of Greenpeace. In this way it is possible to ensure that Greenpeaces financial reserves are not used for operations causing environmental pollution, the arms industry, child labour or any other socially undesirable activities. Outlook for 2007
profitable if it is to survive. Only then does it allow you to reach more people.
Nieuwsberichten van de ASN Bank
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februari 2006
In 2007 we are again expecting to achieve substantial growth. In order to achieve this growth we will be introducing new products and services. In addition, we would like to draw peoples attention to our investment funds even more effectively, especially through external distribution. Internally, we will be continuing to professionalise our organisational
Prinses Mxima over Jaar van het Microkrediet:
processes. With the aid of position papers and by actively responding to subjects relating to sustainability,
Rente: 3,75%*
Blij met resultaten na een jaar hard werken
we intend to devote a great deal of attention to the ongoing consolidation of our authoritative position in the sustainable finance market. Environmental objectives will also be important for us in 2007 and our policy on human rights will be fine-tuned as well.
ASN Optimaalrekening Nu met 10,- premie! Einde van de biobak?
Nieuw:
In this way ASN Bank will maintain its special position in relation to other sustainable finance service providers. We anticipate an increase in income in 2007. Thanks to rising long-term interest rates we can count on an increase in our interest result. Expressed in relative terms expenditure will rise less sharply, which will naturally have a positive impact on net profit. ASN Banks distribution channels (the Internet, e-mail and telephone) will be improved where possible. Efforts will also be made to retain the superior level of the services we provide to our customers and to raise it even further. Apart from this, accommodation in sustainable premises represents an important matter. The first concrete steps of this process may be taken in 2007. We would like to make our operations more sustainable by reducing our consumption of energy and paper.

The Hague, 21 August 2007
E.P. Goudswaard (General Manager) J.E. Jansen (Director)
ASN Bank for the world of tomorrow

ASN Bank (G: 2.1) was established in 1960 and has been a market leader in sustainable banking for more than years now. Our head office is situated in The Hague (G: 2. and 2.). As a full subsidiary of SNS Bank NV (which is in turn a full subsidiary of SNS Reaal), ASN Bank operates as an independent sustainable bank with its own banking licence. We focus on servicing private individuals and organisations in the Netherlands which seek sustainable savings and investments offering returns in line with market standards (G: 2.).
Savings and investments at ASN Bank ASN Bank offers its customers various alternatives for savings and investments. You will find a list adjacent to this (G3: 2.2). The aim of all of these products and services is to make a direct
or indirect contribution towards the promotion of sustainability in society without this being achieved at the expense of the returns secured by the banks customers. The interest which we pay our customers compares favourably with that offered by our competitors and the yield achieved on our various investment funds is in line with market standards. In Chapter 3 (pp. 30-31) you will find a breakdown of the movements that have occurred in our savings balances and investment funds. For more detailed information about the alternatives offered by ASN Bank we refer to our website, www.asnbank.nl. Naturally, you may also call or write to us.
Savings at ASN Bank Type of Savings ASN Ideaalsparen ASN Optimaalrekening Most Important Features Variable interest rates, automatic monthly savings, and balance inquiries free of charge Variable interest rates, no investment limits, withdrawal fee of 1%, and investments in ASN investment funds without any transaction fees ASN Wereldsparen ASN Internetsparen Variable interest rates, Internet savings, and balance inquiries free of charge Variable interest rates, Internet savings, and balance inquiries free of charge ASN Sparen and ASN Sparen Extra Variable interest rates ASN Milieusparen and ASN Milieusparen Extra ASN Jeugdsparen ASN Levenslooprekening ASN Spaarloonrekening ASN Depositorekening ASN Vrouwenspaardeposito ASN Waddendeposito Variable interest rates, and investments in nature and the environment Variable interest rates, savings for children and grandchildren, and balance secured until adulthood Variable interest rates, and tax-deductible savings from gross salary for unpaid leave Variable interest rates, fixed term, and tax-deductible savings from gross salary Variable interest rates, fixed term, and interim withdrawal fees Variable interest rates, fixed term, interim withdrawal fees, and interest donations to Vastenaktie for loans to women Variable interest rates, fixed term, interim withdrawal fees, and interest donations to Waddenvereniging Investments at ASN Bank Type of Investments ASN Obligatiefonds ASN Mixfonds ASN Aandelenfonds ASN Milieu & Waterfonds ASN Small & Midcapfonds ASN Groenprojectenfonds ASN-Novib Fund ASN Bank and credit facilities ASN Bank also provides business loans to companies. We specifically look for businesses and projects which satisfy our special investment criteria in relation to people and the environment. This may apply especially to loans which are provided from the ASN Groenprojectenfonds. It is easier for businesses to carry out their projects and plans thanks to the provision of loans and the knowledge which ASN Bank possesses in Through its ASN Groenprojectenfonds ASN Bank funds projects which have a direct effect Before a business loan is provided, ASN Bank assesses whether the relevant company or project contributes to the sustainability of society in social, cultural and/or environmental terms. Investments in International bonds Mix of international bonds and shares International shares Shares in environmental and water technology companies Shares in small and medium-sized European companies with additional potential for growth Accredited green projects Microcredit in developing countries relation to subsidies, funds and tax relief, for example.
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The world of tomorrow according to Gerard Radstaat

on the production of a healthier environment. In this way the investors in this fund help to achieve an environmentally friendly society, while benefiting from stable returns and tax exemptions. To qualify for an affordable loan from the ASN Groenprojectenfonds an application is made for each investment. In some cases an investment is only considered to be a green project in part. In this case it is possible to combine a loan with a normal credit facility at our bank or another one. Information Analyst All of the people in the world treat each other with respect on the basis of equality. No one hurts anyone else either physically or mentally. We no longer need to convince each other that we are right or to struggle to impose a different approach to life on someone else. The earths mineral resources are shared equally without anyone being exploited. This also applies to the products that are made of them and the processes which
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Practical examples Aid shops ASN Bank has provided credit facilities to aid shops in Hilversum, Dordrecht and Hooge Zand, amongst other places. These aid shops have invested in the interior of their businesses in order to appeal to more young people. We find it important to invest in aid shops, because their volunteers put their heart and soul into selling products from developing countries. Volunteers can see that their work produces results in more professional surroundings. Coil tubing technology
are required for them. We have custody over the earth and need to ensure that those who follow us can live in a similar fashion. This is a highly idealistic view which I have pursued for years. However, the prevailing situation is more susceptible to change than I had hoped. Nevertheless, it is you and I in short, we are the people who can make a difference. If everyone thought that this was not the case, the Berlin Wall would never have fallen (and would never have been built) and apartheid would never have been abolished in South Africa (and never introduced). This is why every step which contributes to this is an important one. In this respect we may never be allowed to lose sight of reality. I am not a tree-hugging idealist. I yield to obstacles which stand in the way of my own ideals, more than I am conscious of and certainly more than I would like. It does not surprise me that I am not idealistic. However, in our knowledge society it is not really acceptable, if you are not aware of who you are or will be and how we live together on this earth. To me ASN Bank is an ideal mix of reality and my ideals: having both feet on the ground yet knowing very well what you are trying to achieve.
Cryojet BV has developed an innovative concept for cleaning using dry ice for Coil Tubing Technology BV. In the Rotterdam harbour any CO2 that is released is used for industrial cleaning. This gas is frozen and is sprayed on to filthy equipment under high pressure in the form of ice pellets, or it is used for clean-ups in the event of a disaster. This type of cleaning does not use any water nor are any chemicals required, which produces major benefits for the environment. The equipment that is cleaned does not corrode. The staff responsible for operations is also exposed to less risk. Energy derived from biomass ASN Bank devotes a great deal of time to familiarising itself with developments in relation to the generation of energy using biomass. We would like to play a significant role in a highly promising new economy in which the Netherlands could become a pioneer. After all, the Netherlands has both highly qualified farmers and ex-
cellent chemists, and the Rotterdam harbour has a good infrastructure for the biomass industry. In a standard plant methane gas is produced during the biomass digestion process, which is used in a coupled production facility to generate heat and power. By treating it at high temperatures complex organic compounds are broken down into simpler ones (hydrolysis), which are easier to convert into methane. ASN Bank only provides credit facilities to biomass digestion facilities which utilise this proven technology. You will find several examples below. Bioferm Energy The first loan to be granted to a biomass digestion plant was provided to Bioferm Energy BV. This company has built a biomass digestion plant together with a farmer to process pig manure, cow dung, chicken droppings, beet and corn sourced from the immediate surroundings. Biomassa Beheer Biomassa Beheer BV is a company which is jointly owned by Econcern BV in Utrecht and Energy Investments Holding BV in Maarsbergen. The ASN Groenprojectenfonds has financed three biomass digestion plants: Groot Zevert Vergisting, Scharlebelt and Wieringermeer. These plants use a large variety of manure and co-substrates. Biologische Industrile Reststoffenverwerking Biologische Industrile Reststoffenverwerking (BIR) has a biomass digestion plant together with a sanitation facility to treat waste flows (mainly from the food and natural stimulants industry), while simultaneously generating sustainable energy. BIR combines these three components to create a rather highly efficient product by integrating its biomass digestion plant with Riool WaterZuiverings Installatie Lichtenvoorde (RWZI) and Afvalwater Zuiveringsinstallatie Hulshof (AWZI). The heat derived from the coproduction plant is used to purify waste water. The biogas which is released in the course of
purification serves as an ancillary fuel in a steam generator. Waterstromen Lichtenvoorde Waterstromen Lichtenvoorde BV has received a loan for a biological water plant in the grounds of the Olburgen sewage water treatment plant. Aviko, a potato processing plant in Steenderen will be using the facility. In the past Aviko only extracted organic substances from waste water. Now it has to extract nitrogen and phosphates from waste water as well. What is special about this type of water purification is that no chemicals are used in it. Less sludge is produced as a result, which yields savings on waste disposal costs. MeerWarmte MeerWarmte Vof in Alkmaar has received a loan to construct a heating distribution network in Boekelermeer (Alkmaar and Heiloo). This loan was granted subject to surety provided by NV Huisvuilcentrale Noord-Holland (HVC). The treatment of domestic waste generates heat for buildings in the immediate vicinity. Wind energy More than 30% of the investments provided by ASN Groenprojectenfonds are loans in the wind energy sector. One of them is for a large wind turbine operated by the cooperative association, De Windvogel, at the intersection of the A2 and A9 motorways near Ouderkerk. What is special about this project is that the people who live in the immediate vicinity are co-owners of it through their membership of the cooperative. All of its members pay a subscription of EUR 50.00 and share the income generated by the turbines at the end of the year. Many volunteers have offered to help work through the difficult preliminary stage as soon as possible. Organisational structure ASN Banks structure is depicted in the organisational chart on the following page (G3: 2.3). In 2006 the ASN Beleggingsbedrijf and ASN Spaarbedrijf merged to form the Vermogensopbouw
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department (G3: 2.9). This department focuses both on the growth of our savings and that of the
fund capital of ASN Beleggingsfondsen.
Management Board
Marketing and Publicity
Executive Secretariat
Customer and Account Management Customer Contact Centre Information Management Facilities Management Operations
Controlling
PR & Internal Communication
Account Management & Credit Facilities
Asset Management
Key figures ASN Bank enjoyed a successful year in 2006, which saw an increase in assets under management and
the further improvement of our financial result. Our key figures may be found in the following table.
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Economic Performance Interest donations to social organisations (in euros)
2006 131,429
2005 144,000
2004 211,000
2003 253,000
2002 255,000
Savings under Management (in millions of euros) ASN Bank ASN Beleggingsfondsen Total available for sustainability Share of market for sustainable savings and investments 2,665 1,167 3,832 35%* 2,004 985 2,989 34% 1,678 681 2,358 30% 1,445 564 2,009 30% 1,219 524 1,743 31%
Financial Performance
Growth in 2006 (G3: EC1)
2006
2005
2004
2003
2002
(in millions of euros) Investments Savings under management Shareholders equity Balance sheet total Interest result Other income Total expenditure Operating profit Results after tax 572 661 -49 579 2.5 0.4 1.2 1.7 1.4 2,700 2,665 39 2,806 18.3 6.3 15.1 9.6 6.8 2,128 2,004 88 2,227 15.8 5.9 13.9 7.9 5.4 1,625 1,678 37 1,752 15.8 5.3 12.2 8.8 5.8 1,440 1,445 74 1,554 11.9 3.6 12.1 3.4 2.3 1,173 1,219 72 1,328 10.3 6.6 12.3 4.6 2.0
Governance, commitments and involvement

ASN Bank is a full subsidiary of SNS Bank NV, which in turn constitutes part of SNS Reaal. The Management Board is responsible for the dayto-day management of ASN Bank. It determines the banks policy. ASN Bank has a Supervisory Board and an Advisory Board. Code of conduct and proper governance ASN Banks policy is set out in its mission statement (G3: 4.11), which is as follows: ASN Bank is a business which seeks to enhance the sustainability of our society and allows itself to be guided by this in its economic activities. Enhancing sustainability of our society is viewed as assisting with changes which are designed to put an end to processes, whose adverse effects are postponed to the future or are foisted on to the environment, nature or impoverished communities. Economic activities refers to the acknowledged need to produce a long-term return which will ensure ASN Banks continued healthy existence and to the acknowledgement of the need to manage the savings entrusted to ASN Bank in a manner which satisfies the expectations of our customers. Our mission is set out in six so-called business principles. All of the products and services provided by ASN Bank are required to comply with these principles covering human rights and the environment. We flesh this out in practical terms through our Special Investment Criteria. ASN Bank researches sustainability ASN Bank applies its Special Investment Criteria when selecting investments for its banking operations and the investments of the ASN Aandelenfonds, ASN Obligatiefonds, ASN Mixfonds and ASN Small & Midcapfonds (G3: 4.8). You can find the complete version of these criteria in Appendix I. In it you will be able to read about the approach which we adopt when analysing investments (G3: 4.9). In the case of the ASN Milieu & Waterfonds and ASN Banks business credit facilities only the exclusion criteria are applied in view of the nature of the relevant inMembership ASN Banks marketing operations are directed primarily towards private individuals, community organisations and semi-institutional investors. We are a member of the following organisations, amongst others (G3: 4.13): The Tabaksblat Corporate Governance Code applies to all Dutch companies listed on the stock market. Following the admission of SNS Reaal to listing on the stock exchange in 2006 the Tabaksblat Corporate Governance Code also came to apply to it formally, and hence also to ASN Bank (G3: 4.12) In view of the fact that ASN Bank wishes to manage the funds entrusted to it with integrity, transparently and with a willingness to accept responsibility, it had already decided to apply the code of its own volition, when it was drawn up. The Tabaksblat Corporate Governance Code was introduced in the Netherlands in 2003. This Corporate Governance Code is a code which seeks to ensure proper governance. It was introduced partly in response to a number of major accounting scandals in the United States and Europe. The code contains principles and concrete provisions (best practices) for people involved in a company. In this respect you might consider rules governing the level of fees, the influence of shareholders and the maximum number of supervisory posts which a director may hold. The best practices represent a concrete elaboration of the principles and stipulate standards for the conduct of directors and supervisory directors. This ensures the supervision of corporate governance. The provisions also ensure a balanced division of the powers exercised by the management and supervisory boards, and the shareholders.
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vestments and loans. The Regeling Groenprojectenfonds applies in the case of the ASN Groenprojectenfonds. In the case of the ASN-Novib Fund the Regeling Sociaal-Ethische Projecten 2004 applies.
Vereniging van Beleggers voor Duurzame Ontwikkeling (VBDO) VBDO tries to encourage sustainable investments. ASN Bank and VBDO support each other, so as to ensure that sustainable investments can expand effectively in the marketplace;
Nederlands Platform Microfinanciering Through Nederlands Platform Microfinanciering Dutch financial institutions provide microcredit to the Third World (indirectly or otherwise). They share their expertise and expenses through this platform;
UN Environment Programme Finance Initiative (UNEP FI) UNEP FI is a global partnership involving more than 260 financial institutions. With the aid of debates it seeks to boost the awareness of the need for sustainable business and simultaneously to spread best practices throughout the world;
MVO Nederland MVO Nederland seeks to help businesses, government and other organisations to play a role in society by sharing knowledge and collaborating with each other. Their social role involves, for example, making the best possible contribution towards causes such as a healthy environment, combating poverty, the quality of work and a healthy life;
Social Venture Network Social Venture Network is an internationally active organisation of business owners who want to encourage each other to pursue sustainable business;
Stichting Nederlands Water Partnership This foundation produces information on water in the Netherlands and serves as a starting point for information on Dutch expertise in the water sector.
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INSEAD Sustainability Roundtable Steering Committee The INSEAD Sustainability Roundtable Steering Committee provides practical managerial information to companies to enable them to structure their business in such a way that they are able to operate in a sustainable manner;
ASN Foundation For years now ASN Bank has made donations to projects and organisations which help us fulfil our mission. An anniversary fund was established for this purpose during the celebration of our 25th anniversary (1985). This fund was used to finance donations on an ad-hoc basis. In order to formalise our policy on donations on 9 December 2004 we established the ASN Foundation, which makes funds available to organisations and projects to facilitate sustainable initiatives (which coincide with ASN Banks mission and aims). The projects and organisations that are eligible for donations are those involved in: - the pursuit of a multicultural society and integration; - sustainable economic development; - the protection of ecosystems and biodiversity; - development work; - human rights; - peace and disarmament; - the promotion of cultural development; - health care.
Carbon Disclosure Project The Carbon Disclosure Project is a joint venture of Dutch banks which aims to encourage those businesses which receive financial assistance to report on their CO2 emissions;
International Association of Investors in the Social Economy (INAISE) INAISE is an international joint venture of financial institutions with pronounced social focus. It supports all forms of collaboration between investors in the social economy;
Projectgroep Biomassa en Warmtekrachtkoppeling The Projectgroep Biomassa en Warmtekrachtkoppeling combines the strengths of those parties involved in processing biomass to produce energy;
Kindred spirits
This applies to projects throughout the world. However, the application for a donation must emanate from an organisation which is based in the Netherlands. In 2006 the ASN Foundation provided assistance to approximately 95 projects representing a total amount of about EUR 250,000.00. The following are examples of these projects. Ghana The non-governmental organisation, PCC/Hand in Hand Community in Nkoranza in Ghana has requested assistance to improve the living conditions of physically disabled children. The Movendi Foundation in Ghana has answered its request for help with a project lasting nine months. This project aims to provide training courses for the design and manufacture of orthopaedic aids. The Movendi Foundation focuses on coaching volunteers, and establishing and carrying out projects directed towards physically disabled people in developing regions. In addition, sharing physiotherapy expertise with local therapists represents an important goal. The Hand in Hand Community may be compared with a small village. Two or three children live together with a carer. They live as a small family in their own home. These homes are positioned in a circle around a centrally situated space which can be used for games, drills, playing music and communal meals. The Movendi Foundation seeks to improve the situation with the aid of this training project, so as to ensure that it produces self-reliance upon its completion. The Foundation receives assistance amounting to EUR 10,000.00. India The National India Working Party celebrated its 25th anniversary in 2006. It has selected two project themes in this context: corporate social responsibility and child labour and education. The project focusing on corporate social responsibility devotes special attention to multinationals and cotton seed cultivation, the mining sector, and the natural stone, clothing and tea industries. In all cases the aim is to encourage ASN Bank - Annual Report for 2006 In his book, Five Minutes to Twelve: Twenty International Problems, Twenty Years in Which to Solve Them, Rischard analyses the reasons why we are simply failing to resolve global problems. He also suggests new ways to deal with them before it is too late. WE ARE FLYING THROUGH THE EYE OF A STORM We have another 20 years to solve the most urgent, international problems such as global warming, over-fishing and environmental pollution. If we fail, they will become irreversible, argues Jean-Franois Rischard, the former World Bank Vice-President for Europe, But with the world structured as it currently is we will never succeed! Jean-Franois Rischard, the former World Bank VicePresident for Europe
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ASN Voorjaarsactie Gratis Groene Vakantiegids WK voetbal voor het eerst duurzaam
Jean-Franois Rischard:
18
mei 2006
We vliegen midden door een storm
Kindred spirits
Childrens Ambassador, Isa Hoes: I SIMPLY HAVE A WELL-KNOWN FACE This is a conversation with the Childrens Ambassador, and chatterbox, Isa Hoes, about creativity, motherhood and fame, and why children living in slums deserve all the support the world can give. Are you not discouraged by the extent of the problem: 100 million children living in slums throughout the world? I want nothing to do with that sort of pessimistic outlook. If I did, I may as well lie down in my coffin. If an opportunity arises to make a contribution, do it. Doing nothing is not an option. If it were, we may as well simply abandon the planet. Who actually gets anywhere with such an attitude? Benin and Burkina Faso Stichting Gered Gereedschap regularly receives support from the ASN Foundation. This foundation collects all sorts of tools, refurbishes them and ships them to various developing countries. A donation of EUR 9,334.38 has been provided for two projects. The first project in Benin is one being carried out by an organisation called Apretectra. Tools are supplied on account to about 30 small
16
employers to abandon child labour and to work together to send the children to school. In addition, it aims to make a contribution towards the improvement of working conditions, raising respect for workers rights (women, in particular) and devoting attention to environmental aspects. The ASN Foundation is assisting these two theme-based projects by providing EUR 10,000.00.
businesses through an equipment bank. These businesses also commit themselves to employing three to six young people and to training them in the technical aspects of running a business. In this way the equipment has the effect of producing an optimum spread.
19
juli 2006
The second project is being carried out by Association Tous pour Tous in Burkina Faso. The equipment is used in educational programmes for young women active in technical occupations, for example, those of an electrician (specialising in vehicles or otherwise) or bicycle manufacturer. Apart from these educational pro-
Kinderstem-ambassadeur Isa Hoes:
grammes, the subjects offered also include business operations and family planning. The young women already undertake a practical placement in the business sector during their training.
n Verdie ,0 2 x 1 ie prem
or lf of vo Voor uze ed doel! een go
Ik heb nu eenmaal die bekende kop
Ghana School Feeding Initiative This project commenced in 2006. By making locally produced food available in schools a contribution is being made to the millennium objective. Local agriculture is being encouraged in areas of Ghana in which hunger is common, by creating a structured demand for local
Actie klanten werven nieuwe klanten Sojaburger op de barbecue?
products for school feeding programmes. Efforts are also being made to increase school attendance and to reduce the dropout rate especially amongst girls. The nutrition and health of Ghanaian children can be improved through these types of programmes and with the aid of education. The Management Board has decided to provide an annual grant of EUR 10,000.00 in 2006 and 2007.
a shortage of local banks in developing countries. ASN Bank, Oxfam Novib and the NOTS Foundation felt that this problem constituted grounds to establish Triple Jump, a social enterprise whose aim is to invest Western capital more readily in developing countries, so as to facilitate efforts to combat poverty. Through investments in local microfinance insti-
Dairy cattle project The applicant for this dairy cattle project is a retired teacher and brother, who has spent his life serving underprivileged children and who has established a dairy farm, which is designed to generate income for the education and training of disadvantaged youth. Income will be generated as soon as milk production commences. In addition, it will also be possible to sell calves. The cow dung can be used for organic agriculture. A contribution of EUR 12,600.00 from the ASN Foundation has been used to build stables and 20 cows have been bought (and have been fed for a year). Movies that Matter Movies that Matter is a follow-on from the Amnesty International Film Festival. This organisation wishes to encourage films to be shown in those countries in which human rights are a topical issue. For this reason Amnesty International is helping local organisations in foreign countries to distribute films and to make arrangements to screen them. It involves screening films in the countries which are the subject of these films, where the problems portrayed in them are current, or in which limitations have been placed on showing them. The Management Board has decided to honour a request for a financial contribution by providing assistance amounting to EUR 25,000.00. Triple Jump facilitates efforts to combat poverty There are approximately 540 million poor people who cannot use products such as microcredit, savings and insurance. A large proportion of available Western capital remains unused due to
tutions developing countries are acquiring direct access to funds in order to develop their own economy and by doing so to combat poverty. In addition, the Dutch people have the opportunity of making their own contribution to the fight against poverty through the ASN-Novib Fund. In order to facilitate this project the Management Board has decided to provide assistance to Triple Jump in the form of an annual contribution of EUR 25,000.00 over five years. Stakeholders In order to determine policy and to amend it where necessary, ASN Bank regularly engages in dialogue with the various stakeholders. ASN Banks most important stakeholders (G3: 4.14) are: its customers; its staff; its shareholders (those of ASN Beleggingsfondsen); national and international community organisations; the businesses and projects into which investments are channelled; government; the banks suppliers. Dialogue occurs directly through contact with the banks stakeholders, such as during the Ethical Investment Day and seminars held along with the annual meeting of shareholders and investors in ASN Beleggingsfondsen. In addition, surveys are held and studies are conducted amongst customers, business and social partners, and the general public. As a result it is possible to amend policy to accommodate the issues that are current in our rapidly changing society. For
1
The World of Tomorrow according to Yvonne Karyadi

instance, ASN Bank engages in very frequent consultations with relevant community organisations for the purposes of developing its policy on sustainability and its Special Investment Criteria (G3: 4.16). Amnesty International is consulted in relation to human rights and Greenpeace with regard to environmental aspects. ASN Bank weighs up their suggestions and ultimately includes them in our policy on sustainability (G3: 4.17). The bank conducts dialogue with businesses and projects concerning the manner in which they can practise socially responsible business and achieve improvements in this respect. This is called engagement. How we communicate with our customers Customer and Account Management Assistant The World of Tomorrow ensures that I adopt a more positive attitude: I also want to share The World of Tomorrow with the people around me.
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ASN Bank uses various means to communicate with its customers and to keep them informed about recent developments. Spaarmotief Spaarmotief, ASN Banks customer magazine, is sent to all of our customers a number of times each year. This magazine presents detailed information about our savings and investment products, special promotions, projects into which investments are channelled, journalistic background articles and various columns through which our customers are also given a voice. Website: www.asnbank.nl Our website was entirely upgraded a few years ago (2004). We endeavour to provide our customers with a high level of service through www. asnbank.nl. ASN Banks mission of sustainability is clearly expressed through its website. In addition, all of our products are clearly presented and it is possible for our existing and prospective customers to open an account. Our customers can also register for online banking. At the end of 2005 a start was made with the extension of our customer service section. For instance, all of our brochures are now available online. Not only is this convenient for our visitors but it also reduces the use of paper.
A few years ago something happened in my life which has caused me to think more positively and to do more things that I enjoy. Even if the situation is difficult, you can still continue to act friendly towards everyone. My motto is A day without laughter is a day wasted. I have seen ASN Bank bloom and grow, and it is still continuing to grow further. ASN Bank has the ability and the desire to play the role of a sustainable financial service provider. The World of Tomorrow is one in which child labour must be prohibited. Children must be protected. They must be able to go to school, to play with other children and to enjoy their childhood. The World of Tomorrow is being kind towards your fellow human beings without forgetting yourself by nurturing understanding, respect, tolerance and trust in each other. The World of Tomorrow is continuing to help each other and adopting a positive approach to life.
E-mail newsletter Our e-mail newsletter is sent to our customers five times a year. This electronic newsletter contains information about our products, special promotions and news. In addition, it has a fixed polling section. The poll takes the form of a hypothesis which is presented for readers to express their opinion about. The electronic newsletter represents an environmentally friendly, interactive way of providing our customers with interesting information. Campaign website with Greenpeace Together with our partner Greenpeace we established a campaign website in 2005. Greenpeaces campaign for the conservation of the North Sea is highlighted through www.sparenvoordenoordzee.nl. Op Koers Our information bulletin for investors, Op Koers, is distributed four times a year. Op Koers provides detailed information about each investment fund, including its price and rates of return (and the sectors in which it invests). In addition, it presents information about product promotions, background and news. Changes in the investment climate of the various funds are also described every quarter.
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Management and performance indicators

Economic performance The economic aspects of sustainable development are extensive. Our operations as an organisation have an impact on the economic situation of our stakeholders and on economic systems at the local, national and global levels. The economic indicators reveal the flow of capital between the various stakeholders and also show the most prominent economic effects which our organisation has on society. Growth in 2006 Viewed in economic terms ASN Bank has had a good year. Savings under management exhibited substantial growth. Our financial result was also cause for satisfaction. You can find our key figures in Chapter 2 on p. 12. Below you can read about the growth which ASN Bank experienced in 2006 (G3: EC1). Thanks to the substantial increase of savings Apart from price and quality, achievements in relation to social and environmental matters are also considered when selecting suppliers. This is especially evident in the case of catering, office furnishings and the consumption of paper. It is our intention to continue to fine-tune our selection process for suppliers based on labour practice and environmental criteria in 2007. The GRI guidelines devote attention to the economic effects which a business has in respect of entry-level wages in a particular region (G3: EC5), the procurement policy of locally based suppliers (G3: EC6) and procedures for the recruitment of local personnel (G3: EC7). It goes without saying that a significant proportion of ASN Banks staff come from the region in and around The Hague. However, given the limited number of employees that we have our economic impact is limited in this respect.
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under management, ASN Bank was again able to invest more funds in sustainable organisations and projects in 2006. Because ASN Bank assesses all of its investments against sustainability criteria, it limits the economic risks involved in climate change, for example (G3: EC2). This approach means that the bank does not invest in sectors which are sensitive to climate, for example. In this respect you might consider fossil energy, and the automotive and aviation industries. ASN Bank does not receive any government assistance (G3: EC4). Tax relief is available in the case of two of our investment funds (the ASN Groenprojectenfonds and the ASN-Novib Fund). The tax benefits provided which this relief provides are available to our customers. Economic influence of local surroundings While it is true that ASN Bank has its registered office in The Hague, it is not oriented towards the latter by definition in view of the fact that our customers are found throughout the Netherlands. Our immediate local surroundings therefore have a limited influence in economic terms.
Target Assess suppliers on the basis of ASN sustainability criteria Investments in infrastructure (G3: EC8) ASN Bank is part of SNS Reaal and uses its parent companys infrastructure to a significant extent. No investments were made in infrastructure for non-commercial goals in 2006. 90% 31 December 2007
ASN Bank and the environment Sustainable development and the environment are closely related to each other. In this respect one might consider the influence which an organisation has on living and other natural systems and ecosystems. Environmental indicators refer, for example, to the consumption of materials, energy and water, as well as the release of airborne emissions, waste and waste water. In this respect we also do not wish to ignore biodiversity, compliance with environmental regulations, expenditure on aspects pertaining to the environment, and the impact of products and services.
so-called key performance indicators or what the bank deems to be the most important indicators of these effects. No key performance indicators have been established for a large number of direct effects on the environment, because they are relatively limited. Consider for instance the use of Max Havelaar coffee, office cleaning agents and so forth. However, this does not mean that ASN Bank does not devote any attention to these effects on the environment. The bank is also constantly seeking to improve its environmental performance in relation to these relatively minor effects. ASN Banks policy is directed towards the
Newspapers are inundated with it. You can watch it on the news, hear it on the radio but also notice it yourself in your back garden: the climate is changing. Winters are milder, rainfall is heavier, storms are fiercer, and crocuses emerge from the ground in January already. These are the effects of global warming or put another way, the greenhouse effect. Reducing CO2 (carbon dioxide), in particular, can mitigate the greenhouse effect. CO2 is released when fossil fuels are burnt, such as oil, gas and coal. This is what we use to drive our cars, to keep our homes warm, to produce electricity, and it is what drives the economy at full speed. ASN Bank believes that it is time to set course in a new direction! It is for this reason that ASN Bank is investing in green energy, sustainable construction, in businesses which focus on water collection or recycling. In this way the bank is helping to create a better environment. ASN Bank is a financial service provider. Consequently, the direct impact of its business operations on the environment is minimal. A number of the GRIs G3 guidelines relating to environmental performance therefore do not apply to these direct effects. For instance, ASN Banks office activities have little effect on biodiversity. With regard to any direct effects on the environment, ASN Bank has proceeded to define
constant mitigation of the impact of all environmental aspects but not to report on all of them. The decision in favour of the relevant key performance indicators was taken on the basis of their material significance to ASN Bank as an office-based organisation. Material significance refers to the fact that these indicators represent approximately 90% of our overall environmental impact. What we are concerned with here is a decision taken on the basis of experience and appraisal. Recycling paper Of all the materials which ASN Bank uses (G3: EN1), which includes the recycled ones (G3: EN2), paper is by far the most important. We have been using recycled paper since as early as 1980 and, as such, we were the first bank to use chlorine-free paper for all of our products and services. The paper and the supplier are FSC certified. 162,910 kg of paper in 2006 As a financial institution ASN Bank uses a relatively large amount of paper. Its total paper consumption amounted to 162,910 kg in 2006. This refers to ASN Banks overall consumption of paper, hence that used for its office, the statements distributed to its customers and the brochures sent to its actual and potential customers. Attention is constantly devoted to ways of reducing paper consumption. These efforts to reduce the
21
consumption of paper yielded results in 2006. In that year the consumption of paper remained identical to that of 2005 in absolute terms. In view of the fact that the number of customer accounts rose drastically in 2006, paper consumption per customer fell significantly from 0.46 kg to 0.40 kg per customer account on an annual basis. Paper consumption (in kilograms per customer account each year) 2006 2005 2004 2003 2002 2001 Target Use of recycled paper
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Energy consumption In view of the fact that ASN Bank is not a production company but a financial service provider, its direct energy consumption (G3: EN3) is confined to heating and lighting in its office block. Nevertheless, ASN Bank is naturally striving to reduce its already limited consumption of energy even further. The fact that ASN Bank is based in an old building (dating from the beginning of the previous century) does impose limitations however, when it comes to insulation. In recent years we have channelled considerable investments into energy-saving measures (G3: EN5), such as the installation of double insulated glazing, the modernisation of the central heating system and the purchase of energy-efficient, flatscreen monitors. We have been sourcing renewable power since
0.40 0.49 0.33 0.37 0.45 0.53
100% Achieved and to be maintained
as early as 2000 (G3: EN6) and our energy consumption has declined in recent years. In part this can be traced back to our investments. However, our energy consumption also partly depends on the weather. For instance, a harsh winter will cause energy consumption to rise. Energy Consumption in Absolute Terms Electricity 125,657 113,512 120,040 140,600 136,277 164,459 Gas 19,038 16,807 21,115 20,853 16,358 29,203
Reduction of paper per customer account
25% 31 December 2008
Energy Consumption per Unit Electricity 2006 2005 2004 2003 2002 2001
1 2 1
Gas 12 11 14 14 11 19
2,459 2,221 2,401 2,823 2,875 3,729
In kWh per FTE. In m3 per m2 of floor area.
Electricity consumption has risen by 238 kWh per FTE. Gas consumption has increased by 1 m3 per m2 of floor area. Target Consumption of renewable power 100% Achieved and to be maintained
Water consumption Year 2006 2005 2004 2003 2002 2001 In m3 per FTE 7.4 7.6 8.6 8.9 4.9 6.4 Total Consumption (m3) 380 388 430 442 232 291
flights. As of 2006 the CO2 emissions produced by office heating and commuting between home and work using public transport are also being calculated and compensated for. The consumption of electricity at ASN Bank produces no emissions in view of the fact that the bank only uses renewable electricity, which generates no net greenhouse gas emissions. Compensation in the form of tree-planting
The consumption of water in our office has exhibited remarkable fluctuations over the years. There is an explanation for this. Some of this water is used to spray the garden. The extent to which this occurs can have a substantial impact on consumption. A hot dry summer can result in a significant increase in water consumption. Biodiversity The GRI guidelines devote attention to the manner in which a business deals with biodiversity (G3: EN11 to EN15). Amongst other things, this involves the treatment of areas which are protected or which have a high biodiversity value and contain protected or recovered habitat. ASN Bank is not a production company which has a direct impact on biodiversity. Gas emissions Greenhouse gas emissions (G3: EN16) and, in particular, CO2 (carbon dioxide) are the most important ones produced by ASN Bank, which have a direct impact on the environment. No other greenhouse gas emissions (especially in the form of coolants) occur (G3: EN17). ASN Bank has three major sources which were responsible for its overall emissions of CO2: those produced by the transport of its staff, those generated by heating the office, and those resulting (indirectly or otherwise) from the consumption of electricity. In 2004 ASN Bank started to keep records of the CO2 emissions from its staff s vehicles used for business purposes and to commute between home and work. Records are also kept of the CO2 emissions which occur as a result of business
We invest in tree-planting certificates to compensate for the harm caused to the environment. For instance, in 2004 certificates were purchased for planting 5 ha of forest and 8.4 ha in 2005. The emission of CO2 in 2006 will be offset by the purchase of certificates for planting 14.7 ha of forest. The increase in relation to 2005 can be explained by the fact that in 2006 compensation occurred for emissions due to energy consumption and public transport in addition to those produced by transport by car and plane.
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The World of Tomorrow according to Micky Bakker

CO2 Emissions (tonnes per annum) 2006 2005 2004 147 84 50 Per FTE 2.87 1.64 0.98
Only CO2 emissions produced by air traffic and commuting by car between home and work were compensated for in respect of 2004 and 2005. As of 2006 ASN Bank calculates and arranges compensation for all of its CO2 emissions, including Campaign Manager In my world of tomorrow will be shared more equitably and the rights of the people and the environment will be properly protected. There will be scope for sustainable technologies which have a less harmful impact on the environment, and they will also receive the appropriate amount of attention and support. In the course of my travels and while working abroad
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those of its energy consumption and those produced by commuting between home and work using public transport. As a result the figures for 2006 differ from those for 2004 and 2005. Target Compensation for all CO2-emissions 100% 31 December 2007
I have personally had the chance to see what is not going well in the world, grinding poverty in India and Ethiopia, girls of 1 years of age working 1 hours a day in factories in China, and the destruction of the wilderness and habitat of unique animals in Borneo and tropical reefs throughout the world. This has not made me passive or caused me to abandon hope. No, it is time for action. It is time to do things differently, because it is possible to do so. Everyone can make a difference through microlending which provides more people with an opportunity to secure a livelihood by only investing in businesses which treat people, nature and the environment with respect, by supporting projects which can make a world of difference to the lives of individuals, and by being critical in the choices we make. I am proud that I can make a contribution to a better world though my work at ASN Bank.
Reduction of greenhouse gas emissions (G3: EN 18) Although ASN Bank as an office-based organisation produces few CO2 emissions compared with a production company and arranges compensation for all of its emissions, it is nevertheless striving to reduce them as far as possible. ASN Bank has defined the following target for this purpose. Target Reduction of actual CO2 emissions per FTE (or energy consumption per FTE) Water discharge ASN Banks water discharge is identical to its consumption of water and is confined to tap water (G3: EN21). Waste (G3: EN22) Waste is sorted within ASN Bank: paper, kitchen and garden waste, chemicals and other. Paper represents the most important waste flow. The table below lists the amount of paper waste pro-
5%
31 December 2007
duced by the ASN Bank office. Significantly more paper waste was produced in 2006 than during the year before. In part this is due to the rapid growth achieved by ASN Bank, with the result that there has been an increase in the absolute amount of paper consumption and waste. Nevertheless, the most important reason for the increase may be found in the purge of our archives, which has led to the destruction of old files. Paper Waste (in kg) 2006 2005 2004 2003 2002 2001 18.194 9.663 14.559 12.613 13.662 5.601
an organisation exerts on the social relations systems within which it operates. The GRIs social performance indicators determine which important aspects of an organisations achievements are related to working conditions, human rights, and product-related responsibilities. Staff: ASN Banks backbone ASN Bank has been experiencing rapid growth in recent years. The dedication, professionalism and enthusiasm of our staff are decisive for our success. It therefore goes without saying that ASN Bank wants to be an employer with appeal. Employment Composition of workforce (G3: LA1) At the end of 2006 the number of staff and FTEs was identical to the equivalent figures for 2005 (see the table below). ASN Bank experienced major growth in 2006 and it was not always possible for an identical number of staff to cope with the additional workload. Consequently, employment agency staff had to be relied on relatively frequently. Number of Staff in 2006 In terms of employees 2006 2005 In terms of FTEs: 2006 2005 51,1 51,1 50,3 47,6 Yearend 57 57 57,5 53,6 Average
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The amount of vegetable, fruit, chemical and other waste is very limited. No records are kept of the quantities involved. It is estimated that this waste amounts to a total of 5,000 kg per annum. Target Sorted collection and recycling of office waste
100% Achieved and to be maintained
Transporting members of the workforce (G3: EN29) By way of an extension of our environmental policy a large proportion of ASN Bank staff use public transport or a bicycle as far as possible of their own volition. This is clear from the following figures for 2006. Staff transport By foot Bicycle Public transport Own car Leased vehicle Total Social performance The social aspects of sustainable development are predominantly evident in the influence which 1 9 31 10 6 57
Relatively few very young people work for ASN Bank. Only four of our 57 employees (7%) were younger than 30 years of age in 2006. The following table shows the breakdown in age. Workforce by age in 2006 20-29 30-39 40-49 Older than 50 Total 4 18 24 11 57
Staff turnover (G3: LA2) In 2006 seven people (6.7 FTEs) were employed, while seven (6.8 FTEs) left the banks employ. Working week Based on the relevant collective labour agreement a standard working week at ASN Bank amounts to 36 hours, although part-time work is also allowed. Of the total number of employees at the end of 2006, 36.8% were working on a part-time basis, that is to say, fewer than 36 hours. In principle, all staff benefits are available and applicable to part-timers (G3: LA3). Relation employer/employee Working conditions for all ASN Bank employees are governed by the collective labour agreement entered into with SNS Reaal (G3: LA4). Apart from remuneration, this collective labour agreement also makes provisions for matters such as leave and the minimum term of notice for termi26
the focus has been shifted to prevention. For instance, work break software has been installed on all computers to avoid RSI complaints. All employees were also allowed to undergo a health examination free of charge. They received tips and advice, if the findings presented grounds for this (G3: LA9). The rates of absenteeism fell significantly in 2006 compared with the previous year. Whereas the absenteeism rate amounted to 7.1% in 2005, the corresponding figure for 2006 was 4.6%. As such, the absenteeism rate is at an acceptable level. In recent years discussions about absenteeism have been held between the Management Board, managers and the workplace health and safety doctor on several occasions. In the course of such discussions it is possible for managers to specify which medical cases they wished to discuss further. Workplace health and safety All ASN Bank employees are covered by the workplace health and safety service to which our parent company, SNS Reaal, is affiliated (G3: LA6). The company doctors of the workplace health and safety service are based in-house in a number of centres in the Netherlands. The workplace health and safety service conducts studies dealing with the climate and ergonomics, for example, if requested by SNS Reaal. In addition, they provide advice on monitoring absenteeism. Finally, regular consultations are held between personnel advisers and the company doctors about individual medical cases. All of these activities are directed by a workplace health and safety committee, which reports on them in a workplace health and safety annual report. Costs involved in workplace health and safety 2006 2005 Staff representation Staff representation at ASN Bank is regulated by the Onderdeelcommissie [Business Unit ComEUR 18,815.00 EUR 13,570.00
nation of an employment contract (G3: LA5). In addition, the Management Board and the various managers seek to ensure frank communication and to create a culture which provides scope for everyone to voice their ideas. ASN Bank has a comprehensive style of management which means, amongst other things, that the various departmental heads bear primary responsibility for the optimum performance and welfare of their staff. All employees received a proportionate share of profit in 2006. The amount which an individual member of staff receives represents a proportion of his salary. This proportion is determined on the basis of the annual profit growth achieved by SNS Reaal. In addition, many employees received a performance bonus in 2006 based on the results which they achieved. Health and safety Decline of absenteeism (G3: LA7) Within ASN Bank a great deal of attention is devoted to the reduction of absenteeism and the limitation of any influx into the WAO [(Invalidity) Insurance Act] regime. In this respect
The World of Tomorrow according to Dorine Putman-Devilee

mittee] (OC). The latter constitutes part of the SNS Reaal Works Council (WC) and meets with the Management Board every month. Numerous subjects were discussed in this context during 2006. A great deal of attention was devoted to staff satisfaction, two rounds of departmental restructuring, and a new system of position descriptions and job evaluations. In addition, consultations were held about matters such as workspace and absenteeism. Apart from this it was agreed with the Management Board that the OC would regularly call a meeting of all of the employees to discuss a wide range of subjects. Staff meetings These meetings are of an informal nature. They always revolve around a theme which is important to ASN Bank (and therefore indirectly for its customers), such as organisational developments or planning and budgeting. Training and career development (G3: LA8) ASN Bank attaches a great deal of importance to its employees self-development and readily invests in this, not only to offer its staff the opportunity to attend training but also to devote attention to their personal development. This is good for our employees but also for the organisation. All of ASN Banks employees are assessed every year as part of the Prestatie en Competencie Beoordeling [Performance and Competency Appraisal] (PCB). One component of this PCB is a personal development plan. It presents staff the opportunity to achieve optimum selfdevelopment in the direction which they and the organisation prefer. Every year arrangements are made with regard to each employees development targets and any concrete action to be taken to achieve them. In the course of the PCB discussions are also held with staff about their prospects for career development (G3: LA12). In 2006 EUR 40,000.00 was spent on training and courses. More than half of this was spent In the world of tomorrow everyone will belong. Then no one will be a nobody. In the world of tomorrow the market opportunities of processes and services which make people happy will be discovered. In the world of tomorrow the business sector will increasingly allow its customers to experience the fact that what they have to say counts, that their wishes and ideals are respected. Builders will build after consulting future residents. Business owners will share their ideas, and encourage and value the involvement of their staff. Money does not make you happy. This is something that even bankers know. People only become happy, if they belong somewhere, if they know that they are welcome, can be themselves and can recognise their own ideals, way of life or culture in others. Not belonging is something which our brains treat in the same way as physical pain. Not counting can be demotivating and can prevent you from fully developing your talents.
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Senior Account Manager
on training and courses for individuals. The rest was spent on seminars and meetings for the management team. Diversity and opportunities (G3: LA13) More women than men work at ASN Bank. In 2006 women accounted for 70% of the workforce. Of the total number of seven managers one is a woman. ASN Bank is seeking to employ more women in managerial positions. However, these efforts have not resulted in an increase in the number of women in managerial positions in 2006. In principle, the salaries of managers and other staff depend on the scale to which their position has been assigned. These salary scales are identical for men and women (G3: LA14). Breakdown by gender Men Management Board Managers
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Most of the banks directs human rights achievements concern the manner in which it deals with its employees, the local population and its suppliers. In view of the fact that ASN Bank only has offices in the Netherlands and consequently is governed by Dutch law, matters such as freedom of association and collective bargaining (G3: HR5), child labour (G3: HR6), and forced labour (G3: HR6) are regulated by law in the case of its employees. The law also prohibits discrimination. In addition, the Arbeidsomstandigheden [Working Conditions Act] makes it mandatory for employers to act against any forms of undesirable behaviour. With regard to ASN Banks staff this policy is set out in the Protocol Ongewenste Omgangsvormen [Undesirable Behaviour Protocol]. No cases of discrimination were recorded in 2006 (G3: HR4). All of this shows how our employees rights are formally regulated. Naturally, apart from such formal regulations ASN Bank seeks to create a socially minded, open working environment for its personnel.
Women 0 1 35 36
2 4 15 21
Office Staff Total
ASN Bank and human rights The human rights performance indicators make it mandatory for organisations to report on the degree to which they consider human rights in the case of investments and their selection of suppliers and contractors. This policy also has an impact on staff, who need to be informed about, for example, human rights, the prohibition of discrimination, freedom of association, child labour, the rights of indigenous peoples, and forced and indentured labour. It seems to be so self-evident: no hunger, health care, education, equal rights for men and women, free enterprise, freedom for trade unions and press freedom. In this respect there is still a world to be won in many countries. ASN Bank always studies the human rights policy of a country before it proceeds with investments. By investing in businesses which are highly rated in respect of human rights ASN Bank helps to improve the situation governing such rights. The G3 guidelines seek to establish how a business deals with the rights of indigenous peoples and any violations of them (G3: HR9). This is mainly intended for those businesses which operate in or do business in those countries that have a poor human rights record. Because ASN Bank as an office-based organisation is oriented towards the Netherlands, this guideline does not apply. Nevertheless, the bank naturally considers this aspect when selecting its investments. Investment and procurement policy Investments are of primary importance to ASN Bank as a financial service provider (G3: HR1 to HR3). All investments are assessed on the basis of the Special Investment Criteria (see Appendix I). Assessing them in relation to human rights constitutes an important aspect of these criteria. The Universal Declaration of Human Rights plays a major role in this respect. Businesses are assessed by staff that has been specifically trained for this purpose.
Indirect sustainability performance (G3: F1) Our performance as an office-based organisation has been described in relation to its social and environmental aspects in the sections above. It is referred to as direct performance. However, the manner in which investments are channelled is particularly important in the case of every financial institution for the purposes of determining its performance in terms of sustainability. This is referred to as indirect performance. It is precisely for this reason that in its capacity as an ethical bank ASN Bank adopts far-reaching measures in relation to its indirect performance. For every euro that it invests ASN Bank seeks to achieve the best possible sustainability performance. To date this has been difficult to gauge. However, in the future we hope to have methods at our disposal which will enable us to assess our sustainability performance in the case of every euro. This report still uses process indicators to assess the banks indirect performance. While it is true that these process indicators are not directly related to the ultimate results achieved in respect of the environment and human rights, they do clarify the manner in which ASN Bank guarantees the achievement of sustainability outcomes through its investments. Investments and sustainability All investments (G3: F9) are assessed on the basis of the Special Investment Criteria. You will find the latter in Appendix I. Rescreening occurs once every three years. A business is assessed again, if there are grounds for doing so (G3: F6). The method that is used to assess investments on the basis of our sustainability criteria (G3: F2 to F5) is also set out in Appendix I. Policy on voting and sustainability Shareholders can exert an influence on the policy (on sustainability or otherwise) pursued by their company by making use of their right to vote. ASN Bank uses this right in the case of its investments (G3: F11). At present we comply
with the voting policy of Institutional Shareholder Services (ISS) in the case of European shares and of the Vereniging van Beleggers voor Duurzame Ontwikkeling (VBDO) in relation to a number of Dutch companies. We intend to fine-tune our voting policy on sustainability even further in 2007 (G3: F10). Dialogue with businesses (G3: F7 and F8) In view of the fact that ASN Bank already selects investments based on superior sustainability performance, it does not seem to be necessary for it to enter into a dialogue with businesses about their policy on sustainability. Nevertheless, we make use of this tool, for example, in the case of the Small & Midcapfonds, with a precise aim of encouraging businesses to achieve better outcomes in respect of sustainability. Engagement also occurs in the case of any company in which ASN Bank holds shares but which no longer satisfies our criteria due to a change in policy or because new information becomes available. In such a case ASN Bank enters into an active dialogue with the company concerned to improve its performance with regard to that specific point (engagement). Our aim is to do this in all cases. It may occur in written form, as part of a verbal dialogue or a combination of both. How long this dialogue ensues will depend on the extent to which ASN Bank feels that the company is willing to consider it in greater depth. Sustainable products (G3: F12) The purpose of all of ASN Banks products and services is to contribute directly or indirectly to the promotion of sustainability in our society without this occurring at the expense of the returns achieved by the banks customers. The interest which we pay to our customers compares favourably with that of our competitors. The returns achieved on our various investment funds are in line with market practice. You will find a list of our sustainable products in Chapter 2. The following tables reveal the financial movements in our savings and investment accounts.
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Sustainable savings The savings managed by ASN Bank rose by approximately EUR 661 million in 2006, an increase of as much as 33%. A large part of this growth was achieved through the ASN Opti-
maalrekening, a new type of savings which was introduced in 2006. The ASN Optimaalrekening offers a higher interest rate and the opportunity to invest in investment funds free of charge.
Number of Accounts 2006 ASN (Milieu)Sparen ASN (Milieu)Sparen Extra ASN Depositosparen ASN Werknemerssparen ASN Internetsparen ASN Jeugdsparen ASN Ideaalsparen ASN Garantiebeleggen (savings component) ASN Optimaalrekening Other Total
0
Savings under Management (in thousands of euros) 2006 489,511 130,091 128,320 32,737 901,213 24,666 310,617 6,987 633,905 7,256 2,665,303 2005 547,583 210,190 137,402 18,458 977,775 18,068 81,146 6,315 0 7,099 2,004,036
2005 87,147 6,561 14,962 30,354 51,918 9,573 68,982 2,208 0 1,760 273,465
83,113 6,805 13,690 35,017 57,236 12,343 108,392 2,252 30,179 1,713 350,740
Savings coupled with interest donations ASN Jeugdsparen, ASN Vrouwenspaardeposito, ASN Waddendeposito and the Renteschenking [Interest Donations] system deserve special attention. For every ASN Jeugdsparen account which is opened ASN Bank donates a sum to Kinderstem, a childrens fund managed by Cordaid. This organisation provides support to children throughout the world, who are forced to grow up in difficult circumstances, for example, homeless children in Cameroon. Kinderstems local partner, Chaine des Foyers Saint Nicodme (CFSN), offers refuge to children and the chance of working together to secure a bright future. Approximately 12,350 accounts have been opened since it was introduced at the end of 2002. In this was we have been able to donate almost EUR 302,000.00 to projects for homeless children. Total amount donated to Cordaid 2006 2005 2004 2003 2002 EUR 74,939.00 EUR 79,700.00 EUR 55,640.00 EUR 54,462.00 EUR 37,147.00
The interest paid on ASN Vrouwenspaardeposito and ASN Waddendeposito accounts is higher than the normal rate for deposit accounts with a term of five years. In the case of the ASN Vrouwenspaardeposito account holders donate interest to Vastenaktie and by doing so indirectly help women in developing countries in Africa, Asia, Latin America, and Central and Eastern Europe. Women are able to borrow capital from credit provider organisations in those regions to start up their own business. The holders of an ASN Waddendeposito account donate any additional interest to the Waddenvereniging and thereby provide assistance to projects which promote sustainable fishing. Some of our customers want to donate the interest they receive (or part of it) to a worthy cause. We make this possible through our interest donations system. In the table below you can see what amounts have been donated through the ASN Renteschenking system in recent years. However, the amount of interest donated has declined, which is largely due to lower interest rates.
Interest Donations Number of donors Amount donated
2006 3,044 EUR 131,429
2005 2,868 EUR 144,255
2004 3,309 EUR 210,997
2003 3,664 EUR 253,315
2002 3,671 EUR 254,893
Sustainable investments List od ASN Bank Investment Funds (in thousands of euros) ASN Aandelenfonds ASN Obligatiefonds ASN Mixfonds ASN Milieu & Waterfonds ASN Small & Midcapfonds ASN Groenprojectenfonds ASN-Novib Fund Total assets investment funds The assets of ASN Beleggingsfondsen have risen by 18.5% to EUR 1.167 million in the past year. ASN Beleggingsfondsen publishes its own annual report separately from this one.
2006 Number of Fund shares 4,804 2,644 2,495 6,553 1,044 16,049 1,033 Assets 322,662 71,163 166,316 112,015 28,543 412,897 53,011 1,166,607
2005 Number of Fund shares 4,653 2,632 2,460 2,672 0 15,114 690 Assets 280,895 74,079 161,101 35,721 0 397,531 35,194 984.521
these criteria in Appendix I. The funds investments are included in the annual report of the relevant funds. Indirect sustainability performance
1
Openness and transparency ASN Bank sets great store by openness and transparency. It is for this reason that we are publishing details of all of the banks investments including the amounts involved in this annual report. In Appendix II you will find a complete list of them broken down by sector (G3: F13). All of our investments are assessed on the basis of our Special Investment Criteria. You will find
In this section we discuss our indirect sustainability performance. As mentioned in the introduction, ASN Bank would like to ensure that this performance can be measured more accurately. We intend to devote a great deal of effort to this in the years ahead. In addition, we have defined a number of targets. You will find them listed in the table on the following page.
Target
Propor- To be achieved by: tion of Total 100% 100% 90% 90% 90% 90% 90%
1. 2. 3. 4. 5. 6. 7. 8. 9.
Assess investments in relation to sustainability Number of sustainable products Three-yearly rescreening of listed companies and countries in relation to sustainability Three-yearly rescreening of the banks accounts receivable by sector in relation to sustainability Engagement with provisionals in the case of the Small & Midcapfonds Engagement with businesses which run the risk of no longer satisfying ASN criteria Develop a method to gauge the performance of ASN Beleggingsfondsen in relation to climate change Reformulate human rights criteria Formulate policy on climate change
Achieved and to be maintained Achieved and to be maintained Achieved and to be maintained 31 December 2009 Achieved and to be maintained Achieved and to be maintained 31 December 2007 31 December 2007 31 December 2007 31 December 2007 31 December 2009
10. Redefine voting policy in relation to sustainability 11. Exercise the right to vote As the table above reveals, we have opted for
2
have the potential to become leaders in terms of sustainability. These businesses are encouraged to do so through our engagement. Once they have improved their sustainability performance substantially after a period of two years, they acquire the status of pass in the investment fund; 6. those businesses which have already been accepted for investment purposes may also gradually reach a situation in which they no longer satisfy ASN Banks Special Investment Criteria. In this case the bank engages especially with these businesses in a process which is designed to ensure that they improve their performance in this respect. If this does not happen, the business concerned is removed from the investment pool; 7. a method will be developed. No sustainable investor is active at present, so ASN Bank will have to devise one itself; 8. reformulation will occur in consultation with our stakeholders based on the UNs Norms on the Responsibilities of Transnational Corporations and Other Business Enterprises with Regard to Human Rights; 9. policy on climate change much has changed in relation to energy. Nuclear energy has again become a focus of attention and new sustainable sources are emerging. ASN Bank therefore
90% in the case of a number of targets. In actual fact we are seeking to achieve 100% but there are always exceptions, with the result that this goal does not appear to be feasible. This is often due to a practical reason, for example, because something is not yet possible in technical terms (voting in all companies). Notes on our indirect sustainability performance targets: 1. this target remains unchanged; 2. ditto; 3. ditto; 4. three-yearly rescreening of listed companies and countries in relation to sustainability this refers to ASN Banks investments. In view of the fact that it is not necessary to rescreen at the level of individual businesses, rescreening occurs at the sectoral level every three years. This is because these sectors are particularly homogenous and reveal few differences at the level of individual businesses. The sectors concerned are ones such as water management boards, housing corporations and health care centres; 5. the provisionals are those businesses which feature in the Small & Midcapfonds and which
wishes to review its approach to all of these developments and to incorporate its ideas in a new climate change investment policy; 10. ASN Bank will be fine-tuning its voting policy in relation to sustainability performance; 11. voting occurred within Europe in 2006 and will be extended to other continents in 2007. As it happens, ASN Bank ultimately intends to vote in favour of sustainability in relation to all of its shareholdings. ASN Bank is involved in society Organisations have an impact on the communities in which they are active. Interaction with many community organisations can involve risks. You might consider bribery and corruption, improperly influencing the development of public policy, and monopolistic practices. How these risks are managed and dealt with is revealed in society performance indicators. Money is power Businesses can have an impact on the area in which they are based or operate. Large companies, which handle a great deal of money, can acquire a powerful position. They therefore bear a major responsibility for the manner in which they use their influence. Do they pursue an active policy on integrity? How do they deal with conflicts of interest or political interaction? This section devotes attention to these aspects. Limited influence ASN Bank has its registered office in The Hague and a significant proportion of its staff live in the area (G3: SO1). In view of its small workforce and limited number of suppliers ASN Bank has a limited impact on the local community. Integrity and corruption Our staff is governed by a policy on integrity. It is partly designed to prevent conflicts of interest or corruption (G3: SO2). Staff regularly has their attention drawn to this policy (G3: SO3). Corruption has never occurred within ASN Bank, with the result that no action has been required in this respect (G3: SO4).
No political donations ASN Bank is not involved in politics directly or indirectly and does not make political donations (G3: SO6). If the bank is affected by political decisions, we will endeavour to exert some influence through lobbying (G3: SO5). Amongst other things, this occurred when the government wanted to abolish the Fiscale Groenregeling [Environmental Tax Relief Scheme] in 2002. Formation of cartels Organisations may pose a threat to society by forming cartels or resorting to monopolistic practices. The G3 guidelines therefore enquire as to whether a business has had to contend with legal action on the grounds of unfair competition, monopolistic practices or the formation of cartels. This is not relevant in the case of ASN Bank (G3: SO7). Compliance audits ASN Bank constantly analyses the reliability of its administrative structure and internal control system. In line with this the bank conducts socalled compliance audits by means of which it checks its effective compliance with the relevant legislation and regulations and internal policy (on sustainability and otherwise). Banks (more than normal businesses) have to contend with extensive legislation and regulations. Compliance audits are therefore very important to ASN Bank. During 2006 additional attention was devoted to the implementation of customer due diligence procedures. The law stipulates that banks must be more familiar with their customers than other businesses. This requirement is primarily designed to ensure the more rapid identification of any customers who are involved in fraud (pertaining to tax or otherwise), money laundering and funding terrorism. In addition, our general regulations governing identification were tightened in 2006. ASN Bank has modified its systems to comply with the new legal requirements, an onerous and time-consuming process.

As a result of the introduction of more legislation (again, such as the Wet Financile Dienstverlening [Financial Services Act], the amended Wet Toezicht Beleggingsinstellingen [Investment Institutions (Supervision) Act] and the Market Abuse Regulation) a great deal of attention was devoted to the amendment of internal procedures in 2006 and monitoring their operation to determine their reliability. These changes (and hence also our compliance-related activities) will continue in 2007. ASN Bank has not had to contend with sanctions for non-compliance (G3: SO8).
Customer privacy In addition to regulations governing the manner in which information is provided, DNB and the AFM stipulate requirements for financial institutions in relation to the identification of their customers. ASN Bank therefore has a duty to request a great deal of information from its customers. This is not appreciated by everyone and we received a number of complaints (G3: PR8) about this in 2006. A policy on integrity, which focuses on the exercise of due care with customer information, is pursued within ASN Bank. The privacy of our customers is secured in this way. Panel discussions concerning customer
Product responsibility Product responsibility performance indicators allow our customers to see the immediate implications that our products and services have in relation to health and safety, information and labelling, and marketing and privacy. Informa
satisfaction ASN Bank holds customer satisfaction paramount (G3: PR5). During March and April 2006 we consulted our existing and potential customers about their experience of banking matters, and their requirements and expectations in this respect. More than 70 people were involved in six in-depth panel discussions in Utrecht and The Hague covering numerous subjects. These discussions were greatly appreciated by both our customers and our staff. The overall impression is that the services provided by ASN Bank are good but there is room for improvement in a number of respects. A project team has been assigned the duty to use the most important findings to produce actual changes to the services that we provide. A number of these improvements have been implemented. Other measures are of a more fundamental nature and require careful preparation so as to facilitate their implementation in 2007. Customer satisfaction naturally begins with our initial contact with an existing or potential customer: our marketing campaigns. Openness and transparency are therefore paramount in our marketing communications (G3: PR6). No incidents occurred in relation to our campaigns (G3: PR7).
tion provided about our internal procedures and the extent to which they are complied with (or not) provides an insight into our product responsibility and the performance that is required to flesh it out. No incidents in 2006 ASN Bank only supplies products of a financial nature. In view of the fact that we are not a production company, we do not have to contend with regulations stipulating health and safety requirements (G3: PR1 and PR2). Requirements are stipulated for financial products by the relevant regulatory authorities: De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM). Amongst other things, they determine what product information financial institutions are required to provide when supplying their products (G3: PR3). ASN Bank exercises due care in this respect and no incidents occurred in relation to the provision of information to our customers (G3: PR4) in 2006. It is therefore self-evident that no fines were imposed for contravening the relevant product legislation (G3: PR9).
The World of Tomorrow according to Henk de Ligt

What do I think the world of tomorrow should be like? It should at any rate be a good deal more just, socially minded and liveable than now. Still, this is what I also thought more than 20 years ago, when I started to work for ASN Bank. Yet the world of today has not improved fundamentally compared with then. Certainly, progress has been made. In the end cruise missiles did not enter the Netherlands. Apartheid disappeared in South Africa. Fish are no longer floating belly-up in the Rhine. There is more collaboration between North and South, and East and West. Nowadays, there are even investment funds offering tax benefits which stimulate environmental projects in our country and provide micro-loans in developing countries. A general pardon has also been granted to asylum seekers. Following years of cuts investments are again being channelled into health and old age care in our country, as well as in genuine environmental policy, although still far too little but still. All of these are causes which ASN Bank has supported or still does and to which I am naturally happy to make my little contribution. So what have we received in return during all this time? A new type of apartheid in Zimbabwe, melting ice caps, the Probo Koala and its short fuses, Moslem extremists who hold the world in their extremist grip, never-ending wars involving an enormous amount of suffering in Iraq, Afghanistan and Darfur. Nuclear energy has not disappeared despite Chernobyl. We are building new coal-fired power stations, while interest groups sometimes literally fight against wind turbines. Pension funds and charities invest in cluster bombs and landmines. Child labour is growing and human rights are still disregarded. Fair trade with developing countries remains largely confined to the worthy causes of aid shops. Bird flu and swine fever are prevalent thanks to factory farming. Even a civilised country such as Iceland is again hunting whales. Is it enough to leave you despondent? No, never that because there is much in the world of yesterday, today and tomorrow which revolves around money, and there is still as much to do. Every change, however small it may be, is worth fighting for. More or less socially responsible business is now even part of the corporate strategy pursued by multinationals, most of them anyway. Thanks to the Internet and the media the world has also become a bit more transparent. Abuses are speedily revealed to a public audience that is becoming increasingly aware, that most certainly realises that the decisions made today can ultimately produce a fundamentally better world tomorrow. It is for the appropriate decisions yours, those made by ASN Bank, and mine that I will also be devoting myself to with heart and soul in the years ahead! Product Manager

ASN Jeugdsparen account holder goes to Cameroon with Kinderstem

100 million homeless children: the chance of giving them some help was one which ASN Jeugdsparen account holders did not allow to pass them by. 50 young people of 11, 12 and 13 years of age registered to travel to Cameroon as an ASN Jeugdsparen ambassador to compile a photographic report of the Kinderstem homeless children project. The childrens ambassador was chosen on Saturday, 8 April 2006. The ASN Jeugdsparen ambassador photographed homeless children in Cameroon. I DO NOT KNOW WHETHER I AM CAPABLE OF EXPLAINING WHAT IT WAS REALLY LIKE. My most wretched photograph is of a young boy lying asleep in the street, says Myrte van der Heijden (12). As the ASN Jeugdsparen ambassador she produced a photographic report of homeless children in the West African country of Cameroon. She spent four days carrying a camera on her shoulder through Douala, a city of a million people.
6
I would not find it pleasant to have to search for food in a landfill, says Myrte van der Heijden from Deurne. During her trip to Cameroon she saw it all through her own eyes: homeless boys scrounging around in a rubbish dump in search of anything usable. It is a hot, clammy evening and the shopping streets of Douala are dark. A light shines from the windows of an upstairs dwelling, where people are seated on chairs in front of a television set. Down below in the street right next to the front door a homeless child lies asleep. A little further on at the rubbish dump another child fishes out something from the waste. He has a wild glint in his eyes. Perhaps he has taken drugs or has been sniffing glue. None of the children at the rubbish dump pay any attention to the small, fair-haired girl who bravely stands there taking photographs.
Financial
Accounts for 2006 Balance sheet (in thousands of euros before the distribution of profit) 31 December 2006 ASSETS Investment Fixed assets Liquid assets Other assets Total assets LIABILITIES Equity attributable to shareholders Provisions Savings under management Other liabilities Total liabilities 39,402 -5,282 2,665,303 106,360 2,805,783 87,871 18,933 2,004,036 115,666 2,226,506

31 December 2005 2,127,931 344 28,073 70,158 2,226,506
2,700,023 359 42,095 63,306 2,805,783
Profit and loss account (in thousands of euros) 2006 INCOME Net interest Other income Total income 18,331 6,399 24,730 15,830 5,926 21,756 2005
EXPENDITURE Staff costs Other operating expenses Total expenses 4,479 10,626 15,105 4,137 9,743 13,880
8
Operating profit before taxation Taxation Net profit after tax for the period
9,625 2,849 6,776
7,876 2,481 5,395
Notes to the accounts for 2006

General Since 5 January 1998 ASN Bank N.V. has been a full subsidiary of SNS Bank N.V., whose annual accounts are lodged with the companies register in s-Hertogenbosch (G3: 2.6). The companys figures are included in the consolidated annual accounts of SNS Bank N.V. KPMG Accountants have issued an auditors report in respect of those annual accounts. Unless otherwise indicated, all amounts are stated in thousands of euros. Principles of valuation Investments All investments are stated at their market value. In the case of private loans and mortgages the market value is equal to their amortised cost. Bonds are stated at their fair value and any gains and losses due to changes in their fair value are accounted for in shareholders equity if unrealised, and as part of the investment result in the profit and loss account if sold. Fixed assets This item only consists of business equipment. The latter is stated at its historical cost less straight-line depreciation based on its estimated useful life. Provisions The provision for deferred taxes is for taxes which will need to be paid in the future in relation to taxable temporary discrepancies. These deferred taxes are stated at their nominal value. Foreign exchange risks There were no assets stated in a foreign currency on the balance sheet date. Consequently, there are no foreign exchange risks. Credit risks Disregarding any security obtained by the maximum credit risks involved in the financial assets on the balance sheet date consist of the nominal value of the accounts receivable accounted for in the balance sheet. Given the nature and term of the accounts receivable and/or the security that has been obtained, these credit risks are limited. There are no major concentrations of credit risks.
9
Income and expenditure Income and expenditure are assigned to the period to which they relate. Losses are accounted for when they become known, while income is only accounted for, once it has been realised. Tax Tax is calculated over the result having regard to any tax facilities. ASN Bank N.V. and its related undertaking, ASN Beleggingsinstellingen Beheer B.V. constitute part of the SNS Bank N.V. tax unit and remit the relevant company tax calculated each year. Financial instruments Interest risks The company is exposed to interest risks. These risks are managed for SNS Bank as a whole.
Notes to the balance sheet

(in thousands of euros before the distribution of profit) Investments 2006 2005
The investments may be broken down as follows: State loans Municipal and provincial councils Banks Residential construction Health and old-age care Education, culture and leisure Water boards and energy companies Mortgages Shares Miscellaneous Total investments Provision for impairment Total
0
1,030,987 188,337 113,944 193,957 181,169 8,604 246,020 571,834 15,043 150,297 2,700,192 -169 2,700,023
656,818 99,108 125,210 200,755 102,727 9,158 206,987 565,975 14,646 146,734 2,128,118 -187 2,127,931
These investments are broken down by accounts receivable in Appendix II. At the end of 2006 there were no outstanding loans or advances which had been provided to directors or supervisory directors (2005: 0). Other assets Interest receivable Prepayments and accrued income Equity attributable to shareholders Share capital Share premium reserve General reserve Revaluation reserve Profit 11,345 15,891 21,319 -15,929 6,776 39,402 59,880 3,426 63,306 11,345 15,891 15,925 39,315 5,395 87,871 48,029 22,129 70,158
Provisions Deferred taxes
2006
2005
-5,282 -5,282
18,933 18,933
Following the introduction of the IFRS interest-bearing financial instruments are stated at their market value. The revaluation of these interest-bearing financial instruments has produced an unrealised result. The latter has been used to establish a deferred tax provision equivalent to the applicable corporation tax rate. Other liabilities Mortgage account Private borrowings Deferred income and accrued expenses 48,430 1,343 -5,246 44,527 44,414 2,244 23,238 69,896
1
Notes to the profit and loss account

Net interest Interest received on investments Interest paid to customers Interest risk cover Total 132,210 67,044 46,835 18,331 86,198 50,883 19,485 15,830 2006 2005
Interest risks are covered at the group level. ASN Bank pays its parent company a fee for this purpose. Any capital gains realised on investment portfolio sales are accounted for directly in the result and are set off against this fee. Other income Commission received Commission paid Earnings on securities Miscellaneous income Total
2
12,856 -6,618 161 0 6,399
9,636 -4,373 363 0 5,926
Other income largely consists of commission which ASN Bank receives from its investment customers for managing its investment funds and that which it pays to SNS Asset Management for the management of its assets. An increase in the assets of ASN Bank and its investment funds resulted in a rise in commission received and paid in 2006. Labour costs Salaries and wages Pension charges Other social security charges Other labour costs Total 2,604 550 280 1,045 4,479 2,521 546 259 811 4,137
The average number of staff amounted to 50.3 in 2006 (2005:47.6). All of them work in the Netherlands. The remuneration (including pension charges) of the current members of the Management Board is as follows (G3: 45). The members of the Supervisory Board do not receive any remuneration. Profit sharing and bonuses are related to the results achieved.
E.P. Goudswaard J.E. Jansen Other operating expenses Office and general expenditure Marketing costs Depreciation Write-downs
Periodic Remuneration 119 106
Future Remuneration 27 24
Severance Pay 0 0
Profit- sharing and Bonuses 31 18 2006
Total
177 148 2005
7,215 3,303 89 19 10,626
6,145 3,454 80 64 9,743
Office and general expenditure (paper and postage) have increased sharply due to a substantial rise in the number of customers in 2006. Tax 9,625 2,849 7,876 2,481

Taxable profit Effective tax rate: 29.6% (2005: 31.5%)
Provisions of the articles of association concerning the appropriation of profit The appropriation of profit is regulated by Article 34 of the articles of association. This article stipulates the following. 1. Any profit shall be placed at the disposal of the general meeting. 2. The company may only make disbursements to shareholders in so far as its shareholders equity exceeds its issued capital plus any reserves which it is required to maintain by law. Appropriation of profit It is proposed that the profit of EUR 6,775,789.00 achieved in 2006 be added to shareholders equity.
The Hague, 1 April 2007 Management Board E.P. Goudswaard J.E. Jansen Supervisory Board M. Menkveld (Chair) C.H. van den Bos B.A.G. Janssen M.E. Straub M.W.J. Hinssen H.K. Kroeze
Eighth Ethical Investment Day

Inspiration for a positive future (whoever controls the youth, controls the future): quoting this wisdom from the Handbook for Optimists ASN director Jeroen Jansen set the tone for the eighth Ethical Investment Day held in the Royal Dutch Tropical Institute in Amsterdam on 27 October 2006. For a brief moment there was no room for doom scenarios but ample scope for a positive future. To be the first person to set foot on the North and South Poles following a tough trek on foot lasting many months: what many considered to be impossible, the Briton, Robert Swan, achieved. The scientist, Niek Lopes Cardozo, still has to be shown to be right but he is a firm believer: in roughly 40 years time nuclear fusion will constitute an inexhaustible source of sustainable energy. Although they are two totally different people, they do not allow themselves to be guided by traditional truths but by the conviction that the impossible is possible if you simply remain determined and believe in yourself. It is therefore no coincidence that both were invited to feature as speakers on the occasion of the eighth Ethical Investment Day. It is precisely because we need these types of people, Jeroen Jansen tells his audience of 450 people during his introduction. He presented the following proposal to his audience: let us open ourselves to an optimistic future without any prejudices or reservations, because predicting the apocalypse has never resulted in positive action directed towards the future, let alone inspire our present generation

of young people.
Appendices
Appendix I Special Investment Criteria* * adopted on 22 April 200 Nuclear energy The Special Investment criteria and approach implement the mission and business principles of ASN Bank. They apply in full to the ASN Aandelenfonds, ASN Obligatiefonds, ASN Mixfonds and the investments of ASN Bank. The exclusion criteria only apply to the ASN Milieu & Waterfonds and commercial loans and advances by ASN Bank, in view of the nature of the investments and/or loans and advances. The Regulation on Green Projects applies to the ASN Groenprojectenfonds. The Regulation on Social and Ethical Projects 2004 applies to the ASNNovib Fonds. 1.a Exclusion criteria General grounds for exclusion ASN Bank does not believe it is possible to make a comprehensive list of ethical and sustainable criteria that industries, enterprises and other debtors have to meet. As well as the specific criteria, which in the analysis lead to a factual and quantitative assessment, there is also always a qualitative assessment of ethics and contribution to sustainable development. In certain cases, the ASN Selection Committee1 will make a temporary or permanent exclusion, if, in its opinion, the Mission Statement and business principles of ASN Bank are not met. Tobacco Arms 1.b Specific grounds for exclusion
Companies which generate nuclear energy, operate nuclear power stations or distribute or trade in nuclear products. Companies which focus specifically on supplying this industry.
Companies which develop and produce, or trade in any type of weapon whose direct purpose is to destroy life, nature or property. Companies which develop, produce, distribute or trade in parts or components specifically for the production of weapons of destruction.
Genetic engineering
Companies that apply genetic engineering to plants or animals in the field of food or non-food. Companies that apply genetic engineering to plants or animals for medico-pharmaceutical purposes will be excluded, unless a medical problem can only be remedied, at the time of screening, by using genetically modified plants and/or animals. This exception will only apply if genetic engineering is used under controlled circumstances that limit the risks for people and the environment as far as possible.

Companies that produce tobacco products. Companies that get the greatest part of their turnover from the sale, distribution or trade in tobacco products.
1)
The ASN Selection Committee consists in any event of the Management Board of ASN Bank VN and the Management Board of ASN Beleggingsfondsen NV. The members are listed on www.asnbank.nl.
Gambling/games of chance
Breaches of legislation, codes of conduct, scandals and corruption
Companies that develop or produce games of chance. Companies that run casinos.
Companies which are shown to be systematically guilty of: corruption or encouraging others to commit corruption; breaches of legislation; breaches of in-house and/or industry-specific codes of conduct; involvement in financial, environmental and/ or social scandals.
Fur, whaling, exotic and/or protected animal species Companies directly involved in hunting and/or trading in: fur; whales; exotic and/or protected animal species.
Human rights, labour rights, child labour, sexual exploiTropical hardwoods

6
tation
Companies cutting and/or trading in nonsustainable tropical hardwoods.
Companies guilty of: forced labour; obstructing free trade union activities; maintaining unsafe working conditions; systematic underpayment of employees; systematic discrimination by race, gender or religious conviction; sexual exploitation and/or involvement in exploiting pornography; other types of systematic human rights abuses. Companies which systematically breach international (ILO and OECD) guidelines on labour rights and child labour.
Palm oil Companies setting up or running nonsustainable palm-oil plantations.
Bio-industry
Companies operating in animal hostile bioindustry. Companies focusing as a supplier in developing and maintaining animal hostile bio-industry.
Animal testing Companies which use animal testing to develop non-medical products. Companies which are required to use animal tests by law for medical production, but which do not have a transparent policy on this and are not developing alternatives.
Dictatorial and/or repressive regimes
Although assessment will be companyspecific, in certain cases the political situation in a country may be cause to exclude any company operating there. Attention will be paid to the following factors when deciding whether a country
Kindred spirits
is in this category: condemnation of countries by the Security Council for violating human rights, direct involvement in violations of human rights or sanctioning such violations, non-compliance with ILO and OECD guidelines. Moral accountability
20
september 2006
Companies which do not acknowledge any moral accountability for the environment, human rights, labour rights and child labour. Companies who in view of their moral accountability are not transparent or do not show willingness to accept accountability.
Wubbo Ockels:
Nederland heeft geen energieprobleem
2. Acceptance criteria 2.a General acceptance standards ASN Bank does not believe it is possible to make a comprehensive list of ethical and sustainable criteria that industries, enterprises and other debtors have to meet. As well as the specific criteria, which in the analysis lead to a factual and quantitative assessment, there is also always a qualitative assessment of ethics and contribution to sustainable development. 2.b Specific acceptance criteria Companies are assessed on dozens of economic, social and environmental indicators (if possible company and industry specific ones) with respect to performance in ethical business. Experience and new insights lead to regular updating of the specific environmental and social indicators. Your fascination for sustainability, was it something you developed at an early age? No, not really. During my studies and postgraduate studies I specialised in nuclear physics. After that I landed up in space by coincidence. At the time I was more interested in the mission and the experiments that were to be conducted. My feelings for the earth only developed after my trip to space. I realised that our planet could be compared to a large spaceship, which you therefore really need to look after very well. YOUTH AND MOTHERS MUST BRING PRESSURE TO BEAR. We do not have energy problems in the Netherlands, argues Wubbo Ockels, Senior Lecturer in Sustainable Technology, but we do have an indecisive government which does not dare to invest in technological innovation. Wubbo Ockels, Senior Lecturer in Sustainable Technology

Duurzame Productweken van start! Zeven keer zo duurzaam mogelijk van A naar B
Depending on the nature of the business or industry, the following criteria are in any event conditions for deciding whether or not a business, or other debtor is accepted in the investment universe. Environment
investment will be conditional upon the implementation of an environmental policy. An assessment will be made of the extent to which the company contributes to the sustainable, peopleand environmentally-friendly development of a country.
Companies must demonstrate that they pursue an active and integrated environmental policy. The following factors will be assessed: the nature of the raw materials used; the nature of the end products; the energy consumption; the use of clean water; the nature of the emissions released and the solid waste resulting form production; the scope for and the extent of recycling of the end product. The assessment of the company will not only take into account the existing environmental situation, but also the approach by and in the company to bring about change and improvement in this respect.
Genetic engineering
Companies must declare whether, and if so how, they apply genetic engineering. Companies that use this technology must have a policy on genetic engineering and must demonstrate that it is transparent. Application of genetic engineering to micro-organisms will be considered acceptable provided that it takes place under controlled conditions that limit the risks for people and the environment as far as possible and provided that a demonstrable contribution is made to sustainable development and/or corporate social responsibility.
8
Human rights
3. Approach 3.a Company analysis The sustainability performance of companies is analysed by specialised sustainability analysts. The analysis is as far as possible at industry level and by region. In principle only the best performing companies in each industry are eligible for selection. Companies outside the industry studies may be eligible on the basis of individual performance and setting an example in corporate social responsibility. Sector studies and individual business profiles are submitted for assessment to the ASN Selection Committee. 3.b Country analysis
Companies must show that they play a positive role in the field of human rights in those countries where human rights are insufficiently observed and where they have a place of business. In order to assess whether a company plays a positive role, a number of questions, which have partly been drawn up by Amnesty International, are put to the company concerned, including: Does the company obtain information on the human rights situation and how does it use this information? Is there a code of conduct setting out the companys commitment to human rights? Does the company offer its employees protection against violations of human rights?
Social
The starting point for selecting countries for fixed-income investments (government bonds) is that they belong to the OECD (Organisation for Economic Co-operation and Development). The countries are classified by sustainability policy. Policy on education, health care, defence expenditure, development aid, combating poverty, environmental policy and economic co-operation are covered. Countries are ranked using indices by reputable institutions such as the United Nati-
Companies must explain their social policy. The aspects that will be assessed will include the policies relating to women, ethnic minorities and disabled people, terms and conditions of employment and working conditions.
Developing countries
In the case of companies that have any of their activities in developing countries, eligibility for
ons Worldwide Fund for Nature, Human Rights Watch and universities. 3.c Analysis of other debtors All other debtors are at least tested for the exclusion criteria and the ASN Business Principles. 3.d Investments universe Changes in the investment universe are made by the ASN Selection Committee. As well as the relative performance at industry level, companies are assessed in the ASN Selection Committee particularly on the ASN specific exclusion criteria and general criteria. In practise, this means that the best performing business in each industry is not automatically regarded as good enough to be included in the investment universe. The absolute performance must at least meet the above criteria. The ASN Selection Committee will also always assess whether the activity of the business or other debtor contributes to ASN Banks mission.
Companies in the investment universe are reanalysed at least once every 36 months, or sooner if necessary. Outside the industry analysis, the ASN Selection Committee may include individual companies and other debtors who demonstrate special performance in environmental policy, social policy, human rights, animal welfare or child labour (and thus act as an example to others) in the investment universe.
9
Appendix II Breakdown of investments Accounts Receivable State loans Netherlands Germany France Austria Municipal and provincial councils Municipal Council of Epe Municipal Council of Hengelo Municipal Council of Hoogezand Sappemeer Municipal Council of Landgraaf Municipal Council of Thorn Municipal Council of Veere Municipal Council of Venlo Municipal Council of Almere Municipal Council of Pijnacker Municipal Council of Hellendoorn
0
Amount
204,783 483,211 341,200 1,793 1,030,987 136 7,000 1,361 908 45 1,009 9,076 15,000 18,000 5,850 23,500 5,000 7,500 5,000 8,750 10,000 5,000 6,000 5,000 11,000 8,500 15,000 19,702 188,337
Municipal Council of Groningen Municipal Council of Vlaardingen Municipal Council of Zwolle Municipal Council of Vlissingen Municipal Council of Papendrecht Municipal Council of Leiden Municipal Council of Elburg Municipal Council of Schijndel Municipal Council of Apeldoorn Municipal Council of Nieuwegein Municipal Council of Renkum Municipal Council of Enschede Municipal Council of Zaanstad Banks Bank voor Nederlandse Gemeenten Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden Nederlandse Investeringsbank Ontwikkelingslanden Achmea Hypotheekbank Nederlandse Waterschapsbank N.V. Assurantie Concern Stad Rotterdam Nationale Investeringsbank Friesland Bank
20,781 28,614 23,654 449 27,909 253 8,805 3,479 113,944
Accounts Receivable Residential construction Algemene Nederlandse Woningstichting, Amersfoort Algemene Woningbouwvereniging The Hague, The Hague Centrale Woningbouwvereniging Gooiland, Hilversum Dongense Woningbouwvereniging, Dongen Leidse Studentenhuisvesting LHBB Bouwstichting voor Ouderen, De Bilt Maastrichtse Woningbouwvereniging Beter Wonen, Maastricht Patrimonium, Amsterdam Stichting de Alliantie Stichting Portaal Stichting Samenwerkende Ouderenzorg Stichting Shri Sanatan Dharm Sabha, The Hague Stichting Sociale Woningbouw en Beheer Stichting Verantwoord Wonen, Nieuwerkerk a/d IJssel Stichting Verzorging Spaans hof Stichting Vitalis Stichting Volksh. Groep Wooncompagnie Stichting Volkshuisvesting Zevenaar, Zevenaar Stichting Waterweg Wonen Stichting Wonen Leerdam Stichting Wonen Wierden-Enter Stichting Woningbouw Onstwedde, Onstwedde Stichting Woningbouwvereniging Verstandelijk Gehandicapten Betuwe, Zaltbommel Stichting Woonservice het Adres, Brunssum Stichting Woonzorg Nederland Weststellingwerf Woningbouwvereniging Land van Rode Woningbouwvereniging S.A.V.O. Woningbouwvereniging Beter wonen Woningbouwvereniging Combinatie 77 Woningbouwvereniging Duinstee, Bergen Woningbouwvereniging Het Oosten Woningbouwvereniging Land van Pepijn Woningbouwvereniging Noord-Limburg Woningbouwvereniging Ons Belang Woningbouwvereniging Openbaar Belang Woningbouwvereniging S.A.V.O., Zwolle Woningbouwvereniging St. Laurentius Woningbouwvereniging Thuis Best Woningbouwvereniging Volksbelang, Bergen Woningbouwvereniging Winschoten Woningstichting Arcen & Velden Woningstichting Geertruidenberg Woningstichting Gilze-Rijen
Amount
464 4,538 3,497 2,099 1,021 1,162 4,538 16,205 14,953 10,000 3,638 35 8,000 2,950 664 287 155 453 11,000 5,400 3,500 34 81 4,538 11,236 5,000 3,545 1,771 372 324 449 6,000 1,896 1,110 244 1,276 602 11,594 238 302 1,946 310 908 1,820
1
Accounts Receivable Woningstichting Inter Pares, Schoonebeek Woningstichting Maartensdijk Woningstichting Sha, Heerlen Woningstichting Sint Servatius Woningstichting Vooruitgang Woningstichting VZOS, The Hague Woonfonds Holland, Tilburg Woongroep Holland Woonstichting Leeuwarden-Leeuwarderadeel Woonstichting Vaals Health and old-age care Academisch Medisch Centrum Almeerse Reddingsbrigade GGZ Oost Brabant Othmarus Stichting, Helmond Stichting Saffier, The Hague Regionale Stichting Zorgcentra De Kempen, Eindhoven RIVAS Zorggroep Gorinchem Stichting Adesse zorg voor mensen met een verstandelijke handicap, Boxtel
2
Amount 4,538 281 5,204 1,751 2,898 9,789 1,389 13,000 952 4,000 193,957 20,000 45 10,000 296 154 737 990 986 107 515 882 613 1,601 7,200 355 1,909 6,807 2,777 289 1,689 1,407 303 1,373 846 2,164 859 13,000 1,392 282 885 13 5,000 4,999 678
Stichting de Haven, The Hague Stichting Activiteiten Centra Lichamelijk Gehandicapten, Aalsmeer Stichting Adhesie GGZ Midden-Overijssel, Almelo Stichting C.E. van Koetsveld, Zwolle Stichting D.A.G. Friesland, Drachten Stichting De Blink Stichting de Driestroom, Arnhem Stichting De Vlasborch, Vught Stichting De Stromen Opmaat Groep Stichting Evean Zorg Stichting Groenhuysen, Roosendaal Stichting Het Gors, Goes Stichting Het Spittaal, Zutphen Stichting Humanitas, Nieuwegein Stichting Interakt Hengelo Stichting Jan Baptist, Maastricht Stichting Nieuw Groenhoven, Leiden Stichting Odion, Oostzaan Stichting Protestant Chr. Ziekenhuis AKIZIA Stichting Psycho-Medisch Centrum Vijverdal, Maastricht Stichting Revalidatie Centrum Roessingh, Enschede Stichting Revalidatie Zuid-Oost Brabant, Eindhoven Stichting Revalidatie-Centrum De Hoogstraat, The Hague Stichting Rode Kruis Ziekenhuis Stichting De Saxenburgh Groep Stichting Waterlandziekenhuis, Purmerend
Accounts Receivable Stichting De Leite, Assen Stichting West-Brabant, Bergen op Zoom Stichting Woonvorm Lichamelijk Gehandicapten IJmond, Castricum Stichting Woonzorg Twente, Hengelo Stichting Zorgcentrum de Kempen Stichting Zuid Veluwezoom, Bennekom Stichting Antionius Ziekenhuis Parnassia Psycho Medisch Centrum Zeeuws Radio-Therapeutisch Instituut Academisch Ziekenhuis Maastricht Zorggroep Noorderbreedte Stichting Medisch Spectrum Stichting Amphia N.C.H.B. De Uiterton, Vlieland Algemene Stichting Bejaardenzorg Stichting Bejaardenzorg Maasdriel, Maasdriel Stichting Katholiek Verzorgingstehuis Stichting Wooncentrum voor Ouderen Huize Herfstzon, Goor Universitair Medisch Centrum Groningen Timanshof Stichting Roosebrink Wageningen Education, culture and leisure Stichting voor Christelijk Beroepsonderwijs en Volwasseneducatie, Leeuwarden Ver. voor Chr Voorbereidend Wetensch. en Algemeen Voortgezet Onderwijs, Doorn Stichting Amsterdams Mytyl-Dagverblijf en Internaat, Amsterdam Koninklijke Harmonie De Adelaar, Weesp Stichting Innovatie Bibliotheek Vlissingen Stichting Texels Museum, De Koog Vereniging tot Behoud van Natuurmonumenten in Nederland, s Graveland Water boards and energy companies Duinwaterbedrijf Zuid Holland Hydron Flevoland (water pipes) N.V. Watertransportmaatschappij Rijn Kennemerland Amsterdam N.V. Waterwinningbedrijf Brabantse Biesbosch, Werkendam N.V. Duinwaterleiding Zuid-Holland, Voorburg N.V. PWN Waterleidingbedrijf Noord-Holland N.V. Waterleiding Mij Limburg, Maastricht N.V. Waterleidingmaatschappij Oost-Brabant N.V. Waterleiding Drenthe N.V. Waterleiding Noord Holland N.V. Hydron Midden-Nederland, Utrecht N.V. Waterwinningsbedrijf Brab Biesbosch N.V. Prov. Waterleidingbedrijf Noord-Holland Waterleidingmaatschappij Overijssel
Amount 2,428 2,217 827 540 9,775 775 9,070 10,269 4,706 9,500 4,500 6,930 6,650 1,496 561 6,831 81 3,464 1,254 5,000 3,142 181,169 12 9 47 24 1,928 303 6,281 8,604 460 2,269 13,932 436 907 13,595 3,099 13,626 3,557 9,090 11,338 901 4,541 1,673

Accounts Receivable Waterleidingmaatschappij Flevoland Waterschap Groot Salland Hoogheemraadschap Holland Noord Hoogheemraadschap Stichtse Rijnlanden Waterschap Rijn en IJssel Waterschap Friesland Hoogheemraadschap van Rijnland Waterschap De Dommel Waterschap Zeeuwse Eilanden Waterschap Roer en Overmaas Waterschap Rivierenland Waterschapsbedrijf Limburg Regeling CAIW Westland NUON Mortgages Algemene Spaarbank voor Nederland ASN N.V. Bouwfonds Limburgse Gemeenten Shares

Amount 457 10,000 8,000 8,000 20,000 15,000 12,000 15,000 13,000 11,520 20,000 15,000 15,000 3,619 246,020 121,834 450,000 571,834
ASN Huisfondsen Oikocredit Triple Jump Miscellaneous Colonnade Oce Caisse Damort Dette Soc, France European Company for the Financing of Railroad Rolling Stock (EUROFIMA), United Kingdom Reseau Ferre De France, France Unedic, France Land Nordrhein-Westfalen, Germany Infrastrutture, Italy Blueorchard Loans DWM Microfinance XXEB Aid shops Miscellaneous
14,965 74 4 15,043 37,692 4,512 25,667 16,834 15,460 18,474 9,797 10,175 4,515 5,068 97 2,006 150,297
Total investments
2,700,192
Summary of investments
Investments State loans Municipal and provincial councils Banks Residential construction Health and old-age care Education, culture and leisure Water boards and energy companies Mortgages Shares Miscellaneous Total investments 2006 1,030,987 188,337 113,944 193,957 181,169 8,604 246,020 571,834 15,043 150,297 2,700,192 2005 656,818 99,108 125,210 200,755 102,727 9,158 206,987 565,975 14,646 146,734 2,128,118

Appendix III GRI Guidelines (G3) n.m. not material: this indicator is not material for ASN Bank as it only refers to activities related to its only office n.a. not available as data are not collected because ASN Bank sees them as not material for this report at this moment. G3 Item 2006 Report (references to G3 sections) CEO statement Key impacts, risks and opportunities Companys name Most important brands and products Organisational structure Location of office Number of countries in which the company is active Legal structure Markets The companys scale (various key figures) Important changes Awards won Reporting period Date of most recent (or previous) report Reporting cycle Contact point for questions Process for defining report content Boundary of the report Limitations on the scope of the report Basis of report Assumptions used in the case of indicators (protocols) Explanation of changes in reporting process Changes in reporting process GRI table Assurance Governance structure Chair of Supervisory Board Independent directors Shareholders influence Linkage between compensation and the performance of the organisations governance body (also in relation to sustainability) 4.6 Avoiding conflicts of interest 42 13 May be Found on Page 2 5 8 8 11 8 8 39 8 12 12 n.a. 2 2 2 3 2 2 2 2 3 3 3 2 3 4 63 13 42
1) Strategy and key impacts 1.1 1.2 2) ASN Bank profile 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8
6
2.9 2.10 3) Report parameters 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 4) Governance 4.1 4.2 4.3 4.4 4.5
G3 Item
2006 Report (references to G3 sections) 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 Qualifications of governance body members also in relation to corporate social responsibility Codes and standards Procedures for 4.8 Evaluation of performance Precautionary principle Charters subscribed to or endorsed Memberships List of stakeholders Selection of stakeholders Frequency and form of stakeholder engagement Achievements of stakeholder engagement
May be Found on Page
13 13 13 n.m. 13 13 13 17 17 17 18
5) Management and 5) performance indicators Economic EC1 EC2 EC3 EC4 EC5 EC6 EC7 EC8 EC9 Environmental performance of office Added value achieved Financial risks due to climate change Pension plan cover (defined benefit plan obligations) Financial assistance received from government Ratio of entry level wage to minimum wage Suppliers: policy, practices and spending Recruitment of personnel Investments in infrastructure Important indirect economic impacts 12 20 n.a. 20 20 20 20 20 n.m.

Environmental performance of ASN office EN1 EN2 EN3 EN4 EN5 EN6 EN7 EN8 EN9 EN11 Materials used Recycled materials Direct energy consumption Indirect energy consumption Energy savings Sustainable energy products Indirect energy reductions Water withdrawal Water sources Biodiversity and location 21 21 22 n.m. 22 22 n.m. n.m. n.m. n.m. 23 23 23 23 23 23
EN10 Water recycling EN12 Biodiversity in relation to products EN13 Protected habitats EN14 EN16 Biodiversity management Total direct and indirect greenhouse gas emissions by weight EN15 Red list species
G3 Item
2006 Report (references to G3 sections)
May be Found on Page 23 24 n.m. n.m. 24 24 n.m. n.m. n.m. n.m. n.m. n.m. 25 29
EN17 Other relevant greenhouse gas emissions EN18 Initiatives to reduce greenhouse gas emissions EN19 Ozone-depleting substances EN20 Other air emissions EN21 Water discharge EN22 Waste by type and disposal method in kilograms EN23 Significant spills EN24 Trade in hazardous substances EN25 Biodiversity of water sources EN26 Mitigation of product impacts on the environment EN27 Packaging EN28 Environmental fines EN29 Staff transport EN30 Environmental protection investments Staff ASN office social performance LA1 LA2
8
Total FTEs by category Staff turnover Differences between permanent and temporary contracts
25 26 26 26 26 26 26 27 26 n.a. .n.a. 27 27 28
LA3 LA4 LA5 LA6 LA7 LA8 LA9
Proportion of workforce governed by collective labour agreement Minimum term of notice Proportion of staff in workplace health and safety committees Absenteeism figures Safety training and prevention Formal workplace health and safety arrangements
LA10 Annual hours of training per employee LA11 Programmes for skills management LA12 Proportion of staff informed about career development LA13 Diversity of governance bodies and staff LA14 Proportion of salaries paid to men and women by category Human rights ASN offices human rights performance HR1 HR2 HR3 HR4 HR5 HR6 HR7 Human rights screening Screening suppliers Hours of training for staff Number of instances of discrimination Freedom of association in trade unions Child labour Forced labour
28 28 28 28 28 28 28
G3 Item
2006 Report (references to G3 sections) HR8 HR9 Security Local cultures
May be Found on Page n.a. 28
Core business
ASN Banks environmental and human rights performance F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 F13 Description of policy Description of approach to risk assessments Thresholds for the performance of assessments Method of monitoring businesses in relation to both types of risk Training staff to identify risks Frequency of audits Description of interaction and engagement Proportion of businesses with whom engagement has occurred Proportion in respect of which exclusion and acceptance criteria apply Description of voting policy in respect of sustainability Investments in respect of which ASN can vote Proportion of sustainability products Breakdown of investments by sector and region 29 29 29 50
9
29 29 29 29 29 29 29 29 29
Society
ASN offices society performance indicators SO1 SO2 SO3 SO4 SO5 SO6 SO7 SO8 Impact on local societies Internal anti-corruption analysis Staff trained in anti-corruption Action in response to corruption Involvement in public lobbying Political donations Anti-competitive behaviour Sanctions for non-compliance 33 33 33 33 33 33 33 34
Product responsibilities
Product responsibility PR1 PR2 PR3 PR4 PR5 PR6 PR7 PR8 PR9 Assessment of product health and safety impacts Contraventions of product health and safety requirements Requisite product information Product information incidents Customer satisfaction Integrity in relation to marketing Complaints concerning privacy Fines for contravening product legislation 34 34 34 34 34 34 34 34
Incidents concerning integrity in relation to marketing 34
Appendix IV KlimaatNeutraal Certificate
60
Particulars
21
december 2006
Situation as at 1 April 2007 Supervisory Board M. Menkveld (Chair) C.H. van den Bos B.A.G. Janssen M.E. Straub M.W.J. Hinssen H.K. Kroeze
Actie: ASN-Novib Fonds Nu met gratis prachtig fotoboek!
Poolreiziger Robert Swan:
Het negatieve inspireert niemand
Advisory Board M.S. Keijzer, Chair S.E.A. Noorman-den Uyl H. Kamps M. de Rijk Management Board E.P. Goudswaard, General Manager J.E. Jansen
Hoe meet je de duurzaamheid van een land?
Robert Swan: From Polar Explorer to Environmental Activist BEING NEGATIVE DOES NOT INSPIRE ANYONE He was the first man stupid enough, in his own
ASN Bank PO Box 30502 2500 GM The Hague The Netherlands Tel.: (+31)(0)70 356 9333 Fax: (+31)(0)70 361 7948 Street address Alexanderstraat 28 2514 JM The Hague The Netherlands Tel.: (+31)(0)70 356 9333 Fax: (+31)(0)70 361 7948 Accountant KPMG Accountants N.V. Burgemeester Rijnderslaan 20 1185 MC Amstelveen The Netherlands
words to trek to both the North and South Poles. It was there that Robert Swan, a speaker during the Ethical Investment Day, personally experienced what environmental pollution and climate change mean. The skin on his face was singed and the colour of his eyes changed as a result of the hole in the ozone layer. Since then this Briton has been travelling around the world delivering his message to inspire people and encourage them to take action. Travelling thousands of kilometres at temperatures of up to minus 70 degrees: what inspires a human being to trek to the North and South Poles? It actually began with a very negative experience. When I was 11 years old, a teacher told me that there were enough nuclear weapons to blow up the world three times over. Why, I wondered, is once not enough? I felt that was such a depressing idea. At about the same time I saw a film about Antarctica. That appeared to me to be something very positive: an area in which no people lived, which did not belong to anyone. To me it became a counterweight to all of the negative stories. In this respect we are talking about the height of the Cold War. So I began to read a great deal about it, about the polar explorers, such as Scott, Shackleton, Amundsen and the rest of them. In this way an idea gradually began to germinate: I shall go to Antarctica myself. ASN Bank - Annual Report for 2006
61
tHe BANk
for
tHe
world of
tomorrow
ASN Bank, P.O. Box 30502, 2500 GM The Hague Phone 0800 - 0380 (free) www.asnbank.nl Fax 070 - 361 79 48 e-mail informatie@asnbank.nl
This publication is prinded on recycled paper. September 2007/DA9299 ASN Bank, The Hague.

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ASN BANk ANNuAl report for 2006

T he Economic, Environmental and Social Performance of ASN Bank

ASN Bank - Annual Report for 2006

ASN Bank - Annual Report for 2006

Accounting for this report (G3: 1.1)

ASN Bank - Annual Report for 2006

ASN Bank - Annual Report for 2006

Report of the Supervisory Board

ASN Bank - Annual Report for 2006

Report of the Management Board (G3: 1.2)

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Nieuwsberichten van de ASN Bank

Prinses Mxima over Jaar van het Microkrediet:

Blij met resultaten na een jaar hard werken

ASN Optimaalrekening Nu met 10,- premie! Einde van de biobak?

ASN Bank - Annual Report for 2006

The Hague, 21 August 2007

E.P. Goudswaard (General Manager) J.E. Jansen (Director)

ASN Bank - Annual Report for 2006

ASN Bank for the world of tomorrow

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ASN Bank - Annual Report for 2006

The world of tomorrow according to Gerard Radstaat

ASN Bank - Annual Report for 2006

ASN Bank - Annual Report for 2006

fund capital of ASN Beleggingsfondsen.

Marketing and Publicity

PR & Internal Communication

Account Management & Credit Facilities

Economic Performance Interest donations to social organisations (in euros)

Growth in 2006 (G3: EC1)

ASN Bank - Annual Report for 2006

Governance, commitments and involvement

ASN Bank - Annual Report for 2006

ASN Bank - Annual Report for 2006

We vliegen midden door een storm

Nieuwsberichten van de ASN Bank

Kinderstem-ambassadeur Isa Hoes:

Ik heb nu eenmaal die bekende kop

Actie klanten werven nieuwe klanten Sojaburger op de barbecue?

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The World of Tomorrow according to Yvonne Karyadi

ASN Bank - Annual Report for 2006

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Management and performance indicators

ASN Bank - Annual Report for 2006

ASN Bank - Annual Report for 2006

0.40 0.49 0.33 0.37 0.45 0.53

100% Achieved and to be maintained

Reduction of paper per customer account

25% 31 December 2008

2,459 2,221 2,401 2,823 2,875 3,729

In kWh per FTE. In m3 per m2 of floor area.

ASN Bank - Annual Report for 2006

ASN Bank - Annual Report for 2006

The World of Tomorrow according to Micky Bakker

ASN Bank - Annual Report for 2006

100% Achieved and to be maintained

ASN Bank - Annual Report for 2006

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The World of Tomorrow according to Dorine Putman-Devilee

Senior Account Manager